So, what can your business do to combat these potential causes of shrinkage? Apart from keeping tabs on your inventory to identify shrinkage or stockouts, you can try these 10 loss prevention strategies to maximize your inventory.

Importance ofloss prevention in retail

Loss preventionexamples

And the cost of shrinkage is growing. In 2023 alone, Capital One’s Shopping Research reported that stores lost $121.6 billion of goods due to theft. The same report projects that that number will grow to more than $150 billion by 2026.

Target has a sophisticated CCTV network that employees monitor in real time and save as evidence to prosecute shoplifters. There are also many cameras focused on the self-checkout area that record both the scanner and the customer to confirm the items they scan.

Your business may not have its own team of loss prevention officers working to stop theft, but you can implement loss prevention strategies that work. And Fishbowl is here to help.

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Loss prevention in retailexamples

Kari Keith is a Certified Forensic Video Technician and Certified Microsoft Excel Specialist. She is responsible for the forensic acquisition and transcoding of digital video evidence, synchronization of multi-source video images, and production of time-calibrated sequences within the Avid Media Composer interface. Kari also assists with the production of 3D scene geometries for traffic accident and crime scene reconstruction projects, and with the construction of demonstrative evidence for court presentations.

Target incorporates facial recognition technology with cameras that record customers in the store and parking lot. Security staff monitor suspicious customers and immediately act when theft occurs.

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While RFID tags aren’t on every Target item, they’re affixed to ones that are prime targets for shoplifters. If someone tries to take an item out of its packaging or leave the store without paying, an alarm triggers. Consider attaching them to your highest-value products.

Retail Loss Preventionjobs

Grant Fredericks is a contract instructor of video sciences at the FBI National Academy and is one of the most experienced video experts in North America. Grant is a Certified Forensic Video Analyst, who has testified as an expert witness over 150 times in courts at all levels. He is recognized as a leading instructor in the science of Photographic/Video Comparison, Reverse Projection and Vehicle Speed Analysis.

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Whether your company has the budget for this specific role or not, you can train your current staff on behaviors to watch for and create a culture of vigilance and reporting that reduces risks.

Loss Prevention retailjob description

Target is known for its industry-leading loss prevention practices. Here are some techniques the retailer uses that you can incorporate into your own business.

Retail loss preventionsoftware

Andrew Fredericks is a Certified Forensic Video Analyst and 3D Scanning Specialist. Andrew’s expertise in the science of 3D Reverse Projection Analysis results in highly accurate geometric accident reconstruction, suspect height, subject perspective, and vehicle identification demonstratives. He teaches and presents strategies for improved workflows and for the analysis of 3D scene geometries to forensic examiners across the country.

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Use strategically placed cameras by focusing them on high-value items at the greatest risk of being stolen. AI software can flag signs of suspicious behavior picked up on these feeds.

Fortunately, today’s retail loss prevention systems go beyond traditional security tags and surveillance cameras. You can incorporate those tried-and-true methods with modern approaches to avoid shrinkage and protect your merchandise.

What are 5 methods ofloss prevention

Even small businesses may be able to implement this technology, as companies like Amazon develop affordable automated tools for image recognition and analysis. Like AI surveillance cameras, this technology could raise privacy concerns. Customers should be informed of the use of facial reduction software and of any policies in place for protecting their information. Make certain the data is securely stored and disclose which, if any, entities you intend to sell or disclose the data to so you don’t lose your customers’ trust.

Loss prevention strategies aim to prevent this from happening so merchandise doesn’t go missing. These strategies range from employee training to anti-theft software and developing a better store layout.

Target has a culture of surveillance and reporting, with loss prevention officers on site who are specially trained to spot and address suspicious behavior patterns on the floor or by watching the cameras.

Retail loss, or retail shrinkage, occurs when items disappear from your inventory without you receiving payment, whether that’s because they’re stolen, damaged, or otherwise unsellable.

Effective retail management needs to focus on protecting your profits, and that includes devoting resources to retail loss prevention. From human error to shoplifters, there are many ways you might lose merchandise without receiving payment.