Loss prevention is a type of risk assessment that aims to maximize a business enterprise’s profits by better managing preventable losses.
Retail shrink, a preventable loss in the retail industry, costs businesses a total of $50.6 billion in losses due to theft, shoplifting, error, and fraudulent activities.
Loss prevention aims to proactively address this by implementing best practices and strategies.
Loss prevention best practices or preventive measures can be implemented on three fronts: processes and procedures, systems, and people.
Loss can come in many forms and the best way to cover your bases is to address the causes of loss that are prevalent in an industry or a particular area of business. Here are loss prevention strategies and tools you can use for your business to cover retail loss prevention, cyber security and data loss prevention, as well as employee buy-in and competency.
However, the value of each incident increased. In 2020, shoplifting averaged $310.11, which was an increase of 13 percent the year prior. Like shoplifting, events involving dishonest employees decreased during the shutdowns of 2020. In total, 26,463 dishonest employees were apprehended, according to the 33rd Annual Retail Theft Survey, but the value of each event was higher.
Last year each employee theft averaged $1219.61 (up 3.8 percent in 2020).
Our team will notify you of all instances of theft that occur and proceed to immediately show an in-depth, detailed report of the incident at hand. Dishonest employees remain a major issue
Contact our team today to start your free quote today!
Email: romys@losspreventionhelp.com
Call: +1 757-506-5926