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Loss Prevention for the Independent Retailer

Loss prevention is often regarded as an activity for large chains, but in today's world it's just as important for independent retailers.

 

Loss Prevention for the Independent Retailer

When it comes to loss prevention large retailers have it down to a science. With entire departments dedicated to preventing shrink, and budgets allocated for LP solutions, it’s easy to see why loss prevention is often considered an activity for the big players. For the small, independent retailers LP may not be a primary activity, but that doesn't make it any less important.

Small retailers have a knack for finding creative and inexpensive ways to implement loss prevention activities. Some popular tactics include building a reliable team and utilizing customer service, thinking like a thief and analyzing high vulnerability items in their store, and using cameras and signs throughout the store. These tactics are a great start but have one common flaw, employees.

Now I’m not saying all employees are bad, but as the big retailers will tell you employees are often the largest cause of shrink. And with employee engagement being the base for each LP activity it’s easy to see how this can become an issue. The obvious concern is bad apples who may neglect these activities to steal for themselves; however, there can also be a problem with lazy employees who may simply ignore these activities.

Either way, it may be time for smaller retailers to start looking into the same solutions the big players use. This may appear to be a pricy path to follow, but thanks to advancements in technology and cheaper deployment methods the little guys may finally be able to utilize the same solutions that the large chains do.

Loss prevention software deployed using SaaS (“the cloud”) is a great help to independent retailers. This is because SaaS deployment requires little up-front expenditure, and there is no need to upkeep your own servers. LP tools with smart analytics that sift through the data for you, highlighting outliers, are also making it more beneficial for small retailers to use. In today’s world independent retailers need to think more about loss prevention without losing their focus on in-store activities. Solutions like our own Retail 20/20 are here to help independents reduce shrink without losing what makes you special.

 

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