Dealing with product theft
The pressing economic climate has driven many Americans to steal products from retailers because they can no longer afford to buy them. For that reason, it's crucial to store operations that retail merchants invest more time and energy into the management of their retail stock and ensure none of their inventory falls victim to shrink.
As Security Info Watch notes, there are many different types of theft to be worried about, ranging from organized retail crime (ORC) to employee shrink. Various products will be more targeted than others, depending on value and how easily they can be stolen. Retailers should identify these key targets and develop a protocol to ensure they are being sold and not stolen.
"This may mean conducting spot checks of these items in the store to note if a particularly high volume seems to be moving from the shelves," the source suggests. "It may mean running an extra weekly report on inventory and comparing it with sales to ensure targeted items are in fact being sold. A quick check can ensure that any major discrepancies are noticed and promptly investigated."
For retailers with operations in multiple countries, they should also take note that there are different theft threat levels globally. Employee theft is more common in the U.S., while organized crime is more prevalent in Central America, for example.
