Loyalty programs reward honest customers, fostering a sense of community and investment in the store’s success. Well-designed and engaging displays allow for better product visibility, making it harder for shoplifters to conceal items.

You can track past audit scores, reports, and team performance to assess the effectiveness of your retail security and loss prevention strategies. You can also monitor the status of the corrective actions without paying extra for the non-user assignee.

By analyzing trends in shrinkage data, you can identify patterns and pinpoint products or locations most susceptible to theft.

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Losses in the retail industry are a matter of concern as they have been worsening over time. According to the NRF’s 2023 National Retail Security Survey, shrinkage reached a staggering $112.1 billion in 2022 in the US. This translates into an annual shrink rate of 1.6%, or 0.2% higher than FY 2021.

Effective merchandising techniques can prevent theft without sacrificing an inviting shopping experience, for example, keeping high-theft items within staff view. You can also use a merchandising checklist to strengthen retail asset protection for your stores.

GoAudits also offers real-time reporting and an analytics dashboard through which you can identify recurring issues like theft attempts and undertake merchandising efforts accordingly.

Employees are often the first line of defense against retail shrinkage. But, how can you empower them to actively participate in asset protection and loss prevention?

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Engaging customers can subtly deter theft and retail losses. Informative signage, strategically placed throughout the store, can educate customers about security measures without creating a tense atmosphere.

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Retailers walk a tightrope – balancing customer experience with protecting their bottom lines. One major threat to profitability? Inventory loss, aka shrinkage.

Here are free digital retail store audit checklists that you can use to train your staff and enhance stock loss prevention in retail stores:

With GoAudits we save at least 20 hours a week across different users, especially writing action plans, as now everything is done in one place.

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Modern video surveillance systems leverage video analytics to detect suspicious behavior. Facial recognition can prevent retail store theft by identifying known shoplifters, while heat mapping can pinpoint areas with high traffic and potential theft risks.

Digital inspection apps like GoAudits allow you to create digital checklists for tasks like store opening/closing procedures, cash register audits, and security checks. Additionally, it can help you implement corrective actions to avoid violating business policies.

This blog dives deep into retail loss prevention: what it is, why it matters, and how you can implement effective strategies –  including digital audit tools – to safeguard your store and keep your profits healthy.

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Implement regular training to help staff identify suspicious behavior and handle situations effectively. Train them in recognizing shoplifting techniques, proper bag-checking, and de-escalation tactics.

To put this in perspective, imagine a supermarket chain with annual sales of $20 million. A 1.6% shrink rate leads to a loss of over $320,000! This directly impacts a retailer’s ability to invest in staff, improve the shopping experience, or even stay competitive.

With GoAudits, you can build your own checklists and categorize them based on location, department, tasks, etc. Your staff can access these checklists on their mobile or tablet devices.

Equip your staff with accessible retail SOPs in the form of digital standard checklists. They provide a clear roadmap for daily operations, ensuring consistency and reducing the risk of human error.

Adding loss prevention audits to your existing program is simple. Pre-built audit templates and easy customization offered by customer support ensure a seamless fit with your current retail practices.

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Stock loss prevention in retail is crucial as it directly impacts profits. Also, effective loss prevention strategies deter theft and create a safer working environment in retail for the staff and customers.

It’s easy to get started with GoAudits! Sign up for a free 14-day trial (we even digitize your checklists for free!). Or even better: book a demo with one of our experts!

Working with GoAudits has been very easy. The Support Team has been helpful during the onboarding and overall responsive to any needs or inquiries. A pleasure to deal with!

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Based on trends, you can take targeted action, like adjusting security measures or staff training, to address specific challenges.

Retail loss prevention (aka inventory loss prevention) refers to strategies applied to minimize shrinkage – the difference between inventory records and the actual stock. This discrepancy can happen due to various reasons, including:

GoAudits gives us consistency in collecting data, setting up action plans, and driving their execution. Ultimately, we are much better equipped to improve results in our business operations.

By combining these strategies, you gain greater control – regular counts and scanning provide precise data, while software ensures optimal stock levels.

A prime example is Lowe’s reporting shrinkage worth $997 million in fiscal 2022. That’s a significant chunk of potential profits disappearing!

Regular store audits offer comprehensive reviews of inventory, sales data, and security protocols that highlight areas of vulnerability.

Implement inventory management best practices to track stocks from procurement to sale. Here’s how you can fortify your inventory management: