Loss prevention is an important part of any retail business, and it's why many stores invest in a loss prevention budget. Without these budget plans in place, stores can see significant revenue losses. The 10 Most Common retail loss prevention Traps are listed below, so you can learn what to avoid to increase your revenue and prevent losses.
What are the 10 most common retail loss prevention traps?
1. Using the same password for multiple accounts
2. Leaving your laptop or tablet unsecured in a public area
3. Failing to close shop properly
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4. Not checking the stockroom for stolen items
5. Not having a security plan in place
6. Ignoring warning signs of shoplifting
7. Selling items that have been stolen
8. Not verifying the identity of customers
9. Not recording sales information correctly
10. Not conducting audits
What is retail loss prevention?
Retail loss prevention is a proactive and reactive approach to protecting retail businesses from theft, fraud and other crimes. It involves the use of prevention techniques, including surveillance, tracking and identification of suspicious activity, to reduce the likelihood that these crimes will take place.
Retail loss prevention is an ever-growing field, and with that growth comes new methods of theft. In this article, we take a look at the top five retail loss prevention traps and how to avoid them. By understanding these traps and taking the appropriate precautions, you can protect your business from theft while also keeping your employees safe.