Retail theft is a growing issue, with losses reaching $121 billion in 2023 due to shoplifting and internal theft. Businesses must implement comprehensive security strategies, including surveillance cameras, motion detection, patrols, remote monitoring, and proactive customer service, to prevent losses and ensure a safe shopping environment.
When starting or running a business, most of a business owner’s attention is focused on scaling and growth. These efforts are funneled towards marketing, creating strategic partnerships, maximizing efficiencies, maintaining consistent supply chains, and hiring the right personnel. The responsibilities to push growth forward can be endless, causing retail theft prevention to be overlooked—or at least a secondary priority left lagging behind.
Statistics suggest that this is a major oversight as retailers lost over $121 billion to retail theft in 2023. This number is on the rise as businesses are experiencing more brazen organized retail crime (ORC) in addition to the more traditional forms of shoplifting. In fact, according to the Council on Criminal Justice (CCJ), shoplifting is up 24% from 2023.
However, the mounting losses aren’t just from anonymous criminals looking for a random opportune target. The U.S. Department of Commerce cites that internal theft occurs at a rate of 15 times higher than from external losses.
With the potential of theft coming from multiple levels, maintaining a safe and secure environment while ensuring a positive customer shopping experience can be a delicate balance. The reputation of one’s business depends largely on its ability to proactively and aggressively protect assets while providing shoppers with the sense that the business is looking after their well-being.
By all accounts, crime is bad for business. It creates a negative trickle-down effect where not only profitability takes a hit, but also store operations are disrupted, operational costs rise, inventory is depleted, and a negative toll is placed on employee morale and a customer’s sense of safety.
With so many factors at stake, it’s imperative that retailers have a comprehensive strategy for both retail crime security and loss prevention. It’s for this reason that stores are looking to shore up measures both inside and outside their facilities.
Surveillance cameras are one of the most critical pieces of equipment when it comes to protecting your business, employees, and assets. The mere presence of surveillance cameras within stores along with mobile security units in parking lots can deter those looking for an easy target.
Today’s high-definition security cameras are outfitted with some of the most cutting-edge technology to help monitor and defend your business and property. They capture high resolution images 24/7 even under challenging circumstances. In cases where lighting is suboptimal, surveillance cameras can utilize night vision or infrared technology to create a heat map of an object for visibility purposes.
These cameras can pan, zoom, and tilt remotely so that every angle is covered. In the case of mobile surveillance units, cameras can be mobilized and reset in different areas so that blind spots can be minimized or to just add support to certain areas that might need more coverage. The beauty of surveillance cameras is that they can be scaled to meet the needs and growth of your business.
With the ability to see better, the recorded video can be even more useful. Law enforcement can utilize the videos either to aid in investigations or in the capture and prosecution of individuals participating in criminal misconduct.
Surveillance cameras can also add another layer of security when attempting to control or restrict access to sensitive or authorized-personnel-only areas. It can monitor and keep track of who enters specific areas and can also be paired with a buzzer to control entry and exit points.
Many security systems leverage motion detection and automation to deter unwanted activity. When any type of movement triggers a protected area, it automatically activates floodlights to illuminate the area and sets off audible alarms. If the potential threat remains, it can further signal an alert to a security team or authorities based on pre-programmed actions.
In addition, surveillance systems may employ two-way speakers that can interact with any suspicious individuals to ascertain their reason for being in a restricted area. This, along with the images from the surveillance cameras, can help security teams respond to potential incidents with speed, clarity, and effectiveness.
Consistent security patrols in parking lots and in restricted areas can be effective deterrents to crimes like trespassing, break-ins, and vandalism. Experts believe that, like surveillance cameras, patrols provide “security through visibility,” in that a strong visible presence can be an effective method to thwart bad intentions.
Part of the success in patrols lie in their ability to be randomized so that there is not a pattern that can be predicted. This prevents criminals from deciphering a schedule and taking advantage of gaps in security. Patrols should not only randomize the times of each patrol, but also double back from time to time to eliminate any levels of predictability.
While patrols can be a highly effective means of deterrence and prevention, it is not foolproof—and it can be quite costly. Remote monitoring can effectively fill in the gaps and provide around-the-clock surveillance from any location through any laptop, phone, or smart device. This allows any number of people within a team immediate access to the cameras should there be an alert or any potentially suspicious behavior that needs further investigation. False alarms can be quickly disregarded while authorities and emergency personnel can be immediately requested in urgent situations.
As shoplifting and ORC are becoming more common, retailers are turning to a mix of familiar anti-theft methods and newer advanced technology. The sight of merchandise tags that set off alarms if taken out of the store without being removed is nothing new. However, with ORC being more brazen, retailers are finding that it isn’t enough to deter theft.
Retailers are beginning to utilize tags with GPS trackers within merchandise so that perpetrators can be followed once they make off with stolen inventory. This helps law enforcement not only locate and identify perpetrators but also recapture the goods. If law enforcement successfully retrieves a large number of stolen items while they are in the possession of the thieves, it may trigger harsher penalties for prosecutions and help disrupt ORC.
According to experts, one of the ways to disrupt potential theft is to remove layers of anonymity. Having employees proactively engage with people entering the store breaks the wall of anonymity and can be enough to disrupt would-be criminals from taking action. Once someone is engaged with, it creates hesitation in that they are being noticed and could potentially be identified. When that is combined with adequate staffing, it can reduce the odds of retailers being targeted.
When it comes to retail crime security and loss prevention, the numbers can be quite discouraging. However, with a comprehensive security plan, successful retail theft prevention can be effectively implemented. A multi-layered approach can ensure your business is protected while prioritizing the safety of employees and customers alike.
LVT offers security systems that are configured for ease and dependability to safeguard your business no matter its size. To see how LVT’s industry-leading uptime for mobile surveillance units can be part of your overall enterprise security plan, reach out to LVT today.
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