How To Reduce Theft In Your Retail Store

Shoplifting is a growing problem in the retail industry that doesn't seem to be going away anytime soon. It's not something store owners or managers want to think about, but theft does occur, and more often than you may realize. According to some estimates, over $13 billion worth of goods are stolen each year. As an owner, it's your responsibility to tackle the issue of theft to ensure your business remains profitable and successful. Keep reading for some essential tips on how to reduce theft in a retail store.

Use Cameras

When you are busy spending money on products, services and employee payroll for your store, you might not have a lot of cash left over. This of course is especially true during the early stages of a retail store when the business is trying to establish itself. However, it's always a smart idea to invest in security cameras for your store. Once installed, they will allow you to keep an eye on your store at all times. If you notice product is missing, check the recordings to see whether or not a shoplifter is to blame. You can even hand this footage over to the local police authorities to help in their investigation.

Contrary to what some people may believe, a security camera system doesn't have to cost an arm and a leg. Thanks to the advancements in modern technology, full security camera systems can be purchased for $750-$1,000. As you are shopping for a new security system, pay close attention to how it records. Some of the recent cameras on the market use networking technology to send the feed to an address where you can log in and view it in real time.

Watch Your Employees

Over half of all retail store theft comes from employees. Even if you "think" your employees are trustworthy, you must always err on the side of caution. Avoid placing open products in the back room where employees can freely access it. Instead, a better option is to use a cage for storing valuable products and only give the manager a key to access it. This will naturally help to reduce theft by employees in your store.

You can also setup security cameras in the back of your store where employees frequently work. Even if the cameras never catch your employees stealing product, just the sight of the cameras will likely sway their desire to steal.