The most direct consequence of shoplifting on businesses is loss of profits. Every product lost to criminal behaviour affects profit margins, and the ability to turn revenue into profits. High levels of retail theft can significantly impact profitability and in extreme cases can lead to business losses or even closures and bankruptcies.
Damaging effects inventory shrinkage has on retail business
Running a business has never been easy, the harsh reality is, the majority of new businesses fail. According to the Small Business Administration, over half of all small businesses close within five years. The reasons for this are many, but one that stands out as being very common in today’s world is poor management practices.
Retail theft increases as lockdown effects linger
For those older enough to remember, you may find it rather bewildering when reflecting on the carefree 1980s and what has occurred globally over the last 21 months. Few have escaped the financial and mental impact that extended, and reoccurring lockdowns have had on individuals to safeguard community health.
RFID technology’s role in evolving anti-theft systems
Globally, businesses are under attack, and the cost of retail theft is crippling–forcing long-established companies to close their doors. With so many retailers under the constant strain of inventory shrinkage, many turn to technological solutions to curb losses.
Retail loss prevention tips for clothing retailers
In this article, we delve into the various ways shoplifters and thieves bypass store security systems and provide business owners solutions to help combat this ever-increasing threat to business finances.
Fight inventory shrinkage by protecting valuable stock from thieves
Discussion on the various ways business owners and retailers can fight inventory shrinkage and protect valuable stock by increasing security and improving inventory management.