Retail theft is a problem that plagues businesses in every industry. It can take on many different forms, from shoplifting to employee theft. As a business owner, it’s important to find ways to prevent theft in your store. But before you can do that, it’s important first to know what retail theft is and what it looks like.
This guide will discuss retail theft, some prevention tips, and how you can use a real-time inspection and reporting tool to help prevent theft in your store.
What is Retail Theft?
Retail theft is the criminal act of taking merchandise from a retail store without paying for it. This can include anything from shoplifting to employee theft. Retail theft is one of the most common crimes in the United States, with an estimated average of over $15 billion worth of goods stolen yearly.
Retail theft prevention has become increasingly prioritized for retail managers and owners. By using a real-time inspection and reporting tool, teams can collaborate to prevent retail theft while improving the safety and security of the retail establishment.
Retail Theft Vs. Shoplifting: What’s the Difference?
In many cases, both shoplifting and retail theft are used interchangeably. However, both terms are completely different from each other, at least in terms of what they mean respectively. Shoplifting is defined as stealing merchandise from a retail store by an individual who intends to keep the goods for themselves.
Retail theft, on the other hand, can be committed by either individuals or employees and involve taking merchandise for resale or personal use. For example, one type of retail theft is under-ringing, when an employee does not ring up all of the items a customer is buying, resulting in a loss for the store.
The United States Government considers shoplifting or theft a violation of statute law. It can result in a misdemeanor offense, a hefty fine, a jail sentence, or all three. The penalties for shoplifting and theft will depend on the value of stolen merchandise.
Ways to Prevent Retail Theft
While no business can be 100% theft-proof, there are some steps you can take to help prevent theft in your store. Here are a few retail theft prevention tips:
Prepare a Retail Theft Prevention Plan
Retail managers and store owners can better prepare their teams to prevent theft by creating a prevention plan. This plan should include what types of theft are most common in your store, how to identify theft, and what to do if theft occurs.
Educate Your Employees
One of the best ways to prevent theft in your store is to train your staff with anti-theft techniques. Employees should know how to identify theft, what to do if they witness theft, and how to report it properly.
Update Retail Inventory Consistently
Regular inventory checks can help you track what’s in your store and identify discrepancies. This will also help you determine if theft has occurred. At the same time, don’t forget to update your inventory records, so they’re accurate.
Use Technology to Your Advantage
There are many different types of retail theft prevention technology available, from security cameras to real-time inventory management tools. Utilizing these tools can help you keep track of your inventory, identify theft, and deter potential thieves.
Optimize the Interior Layout of Your Store
Preventing theft in your retail establishment starts with the layout of your store. Be sure to keep high-risk areas, such as exits and dressing rooms, well-lit and under close supervision. You should also consider installing security mirrors to help employees spot theft.
Maintain an Organized Retail Establishment
Messy and unorganized stores can be a breeding ground for theft. Keep your store clean and organized to know if all your merchandise is accounted for. That way, you will know if something is missing and can take action accordingly.
Prevent Retail Theft with the DataMyte Digital Clipboard
The DataMyte Digital Clipboard is a workflow automation software that lets you create workflows that focus on real-time inspection and reporting. With this tool, teams can collaborate to prevent retail theft while improving the safety and security of the retail establishment.
The DataMyte Digital Clipboard allows retailers to gain visibility and oversight over their operations. That way, they can proactively pinpoint and mitigate theft, as well as learn from previous incidents.
With a few clicks, employees can generate and send complete inspection reports to designated personnel, all in real-time. Retail managers and store owners can also view organized data in neat, easy-to-understand dashboards. Plus, creating workflows for theft prevention is simple with our intuitive drag-and-drop interface.
To learn more about how DATAMYTE can help you prevent theft in your retail store, request a free demo today!
Prevent your establishment from becoming a theft store by identifying potential theft risks and taking steps to mitigate them. By following the tips above and using the DataMyte Digital Clipboard, you can help reduce theft in your store.