The primary goal of fashion retail store security in the past was to deter shoplifting. In recent times, loss prevention has replaced the traditional security solution as it provides more proactive ways to stop theft.
Your stores ability to eliminate shrinkage depends on being able to distinguish between loss prevention and security, as well as what security measures are required to be in place to stop theft.
Security Vs. Loss Prevention – What To Know
Although loss prevention and security measures both work to reduce shoplifting, they differ significantly from one another.
Retail Loss Prevention and Retail Security - The Main Differences
Retail Loss Prevention - A major goal is to maintain profit by reducing losses that can be avoided due to shoplifting (both internal and external), shrinkage, and administrative mistakes.
Retail Security - The main emphasis is on keeping an eye on customers and spotting potential signs of shoplifting while safeguarding the public.
Retail Loss Prevention - Uses physical devices (safers, tags, alarm series), EAS security systems, and the most recent technology to protect products (an app that tracks high theft products).
Retail Security - By having a retail security officer watch the store for suspicious behaviour and ensuring a safe atmosphere for customers and employees, products are protected against stealing.
Retail Loss Prevention - This function aids with inventory management by keeping track of shipments, returns, and annual inventories. Potential losses due to damage, theft, or vendor fraud are then recorded.
Retail Security - A retail security officer can keep an eye on high-theft items while keeping an eye on the shop.
Retail Loss Prevention - Develop and implement training for staff members on how to recognise a shoplifter, detect return fraud, and secure goods.
Retail Security - Protect the store's site by patrolling it (including the congested aisles, dressing rooms, and restrooms), inspecting the alarm system, keeping an eye on the inventory and customers, and allowing customers access only when necessary.
Retail Loss Prevention - Adopts technology by using AM, RF, and RFID-enabled items, using applications to better protect goods, and keeping accurate inventories with point-of-sale systems.
Retail Security - Utilizes video surveillance to keep an eye on store activities and look for potential criminals while coordinating store security with other security staff.
How Loss Prevention Reduces Your Retail Shrinkage
The greatest benefit loss prevention offers compared with traditional security is a decrease in retail shrinkage due to theft, fraud, and mistakes. Here are a few security services loss mitigation and retail asset protection companies, like Fahrenheit Security, use to reduce losses and boost earnings for retailers in London.
Implementing security guarding solutions in your retail store will help protect it from opportunistic shoplifting, fraudsters, and internal threats. It’ll help protect your brand, people and product so you can concentrate on the facets of your business.
Fahrenheit Security focus on providing excellent, trustworthy loss prevention services. Our team will work with you to develop a bespoke security solution for your London retail store.
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