Daryl Bedford, sales director, Harrison
The impacts of theft on the retail industry
Businesses face an ongoing challenge: theft. Despite many retailers implementing additional security measures such as extra guards, security barriers, and employee body cams, the issue of stolen goods continues to plague the industry. Alcohol, beauty products, and baby formula are the most common stolen goods, and this is likely to persist in the coming months. To overcome this issue, retailers must adopt point of sale (POS) and display solutions to help combat loss.
The issue of retail theft has been intensified by the impact of the cost of living crisis, with the Office for National Statistics releasing new data late in 2023 stating that theft had increased by 25% since 2022. While the issue of theft remains complex, stats like this underscore the importance for retailers to take proactive measures to protect their assets. By investing in innovative shrinkage-reduction, businesses can mitigate the impact of theft while maintaining a secure and welcoming shopping environment.
Suppliers and their solutions
While the burden of theft often falls on retailers and the police, retail suppliers have a significant role to play when it comes to preventing theft. One way that suppliers can help retailers protect themselves is by developing cutting-edge point-of-sale and product display solutions.
It’s important to note that every retail shop is different, therefore each has their own stock loss prevention plans due to the type of products being sold as well as the branding and imaging of each retailer differing. This means it is just as important to find the right designer and producers of displays who can take a tailored approach to theft prevention solutions.
Point-of-sale and display solutions
There are a number of solutions to cut retail theft, limiting product accessibility and making theft attempts more difficult.
For example, retractable lanyards and anti-theft security tethers offer a straightforward yet highly effective solution for displaying products of all value while minimising the risk of theft or accidental displacement. Available in a variety of strengths, the security tethers are attached to a split ring to allow consumers to hold a product within a limited distance, while providing maximum durability and security.
Anti-sweep hooks are another solution and are designed to prevent people from sweeping secure products with a strong and secure hold, enabling retailers to showcase products and merchandise in a way that’s both visually appealing and organised whilst deterring theft.
Embracing a range of anti-theft solutions
POS and display solutions are just one of many ways retailers can help prevent theft. It is necessary to have a combined approach that makes it a lot more difficult for shoplifters to steal. Introducing intelligent analytics is one way as it can detect unusual behaviour, prompting real-time alerts. Other ways include extra security guards, facial recognition systems, and signage displaying the consequences of theft.
There’s no silver bullet when dealing with theft. The right strategy includes a range of ideas that plug the vulnerability of different aspects of a shop. By combining them all, retailers are able to develop a system that makes it harder for shoplifters to steal. What is even more important is making sure that retailers choose the right suppliers. While in theory a solution might work, it needs the right team behind it to innovate, develop it and ensure it works correctly.
Demystifying demand
Given the surge in theft, there is now a dramatic increase in requests for anti-theft and loss prevention solutions from retailers. It is clear that the industry is facing a real challenge and suppliers and retailers should now prioritise research and development to react to this problem effectively and efficiently.