Owning a store and working in retail is very demanding, from dealing with customers to ensuring the correct stock is being purchased and displayed in the correct way, it takes a very determined person to succeed. Unfortunately, retail is also at high risk when it comes to security breaches.
In this article, we will discuss retail security as well as what threats can be expected and what security measures can be implemented to prevent them.
What Are the Major Security Issues Associated with Retailing?
There are many security threats within retail that could cause a store to go bankrupt. Some of the most notable threats include:
- Shoplifting: In retail, shoplifting is one of the biggest worries for shop owners. It can have a large negative effect on shop revenue and if not controlled, can cause a shop to fail.
- Break-Ins: Though not as common as shoplifting, stores do get broken into and robbed. This is especially prevalent in stores that carry expensive merchandise such as jewelry and technology stores.
- Supply Chain Attacks: Trucks are sometimes robbed during transit, causing an entire load of merchandise that has already been paid for to be lost.
- Refund Fraud: Though one might not think so, refund fraud is quite common with “customers” claiming a refund on something without providing proof of purchase.
Choosing the Correct Retail Security System
Depending on the problem you are struggling with, you will invest in and install different retail security and risk prevention systems to ensure the safety of your store and merchandise. However, investing in multiple risk prevention systems is advisable to ensure you cover all of your bases. Some of the retail security solutions offered by Milestone Integrated Systems include:
- RFID: Also referred to as Radio Frequency Identification, this technology makes use of “smart tags”. These tags are attached to merchandise which can then be detected by a handheld scanner. The tags are also able to store product information such as size, colour, or style; as long as the product information can be represented in the form of a number it can be stored. Each tag has a unique ID that allows you to know where each individual stock product is located at any given time. This technology can even be utilised to track stock as it is being transported from one location to another.
- EAS: Electronic Article Surveillance (EAS) consists of a variety of tags that can be attached to different types of products, i.e. bottle or clothing tags. These tags will set off an alarm when passing through the antenna at the entrance/exit of a store. Thus, it will alert you when there is an attempt to steal an item from your store. These tags are removed at the checkout counter once the item has been paid for.
- Open Display Security: This is a security option that is fantastic for use in stores that carry electronic equipment. Items such as tablets, phones, and watches are high-risk and expensive items. Ultimately they are secured via a chord which can be connected to an alarm system. This allows customers to still interact with the products without the danger of theft.
- Foot Traffic Counting: The use of foot traffic counting can provide more information than just the number of people entering and exiting your store. Some of the additional data it can provide include customer dwell time, the number of return customers, and new customers, cross-shopping, average basket size, conversion rate and more.
Contact Milestone to find out more about how you can secure your retail store.