A New York Times article highlighted one of the important security issues in the retail sector: theft. Of all the stolen products in 2000, about 23 percent were health and beauty products. The numbers fell, though, as different states passed stricter laws on certain products.
At first, it may sound as if stealing does not affect a business’s profit. After all, what is a $10 out of millions? But according to Fortune, Walmart loses an average of one percent annually from theft. One of the largest retailers in the world, it also earns about $300 billion a year. This means that Walmart loses $3 billion to theft.
If you are a supermarket struggling to increase your profit, you can prevent theft with these two important steps:
You can attach bar-codes to the goods
You do not need to pay a company to create a bar-code. You can buy a compliant bar-code printer and make your own. Stores use bar-codes for inventory purposes, but they can also be a great tool to check patterns that can point to theft. Companies such as Brady South Asia explain that bar-codes let you know which items are missing, for example. You can then the commonly stolen items near you or on shelves that are within sight.
Make your CCTVs work too
There is an ongoing debate whether installing CCTVs can truly prevent theft. The truth is it is not so much about how many CCTVs you place in your store, but about knowing how to maximise their use. Make sure that someone is checking the video in real time. Know what to do with the footage and learn ways how to secure them. Work closely with the police who can give you good CCTV recommendations.
Imagine the kind of impact stealing can have for small businesses. Although you cannot prevent it, you can take up some preventive measures to reduce its occurrence. In the process, you can protect your assets, continue to make your business grow, and even protect your staff.