Retail theft is damaging. Bottom lines are disrupted, causing profitability to plummet. Every retail store owner has felt the affects personally, some more than others – regardless, retail theft impacts every store at some point. Inventory shrinkage is inevitable without proper precautionary methods.
Because of this, retail store owners should prepare to fight back. In the content below, we discuss three benefits of retail anti-theft software: crime prevention, valuable data collection, and aesthetic improvement for customer experience.
1. Retail Anti-theft Software Prevents…Retail Theft!
Most retail store owners have experienced the devastating effects of inventory shrinkage. Shoplifting, Organized Retail Crime (ORC), and employee theft all contribute to the various avenues of theft.
Taken from a 2019 report evaluating 2018 theft data, the following statistics demonstrate just how serious inventory shrinkage is for retail chains and grocery stores nationwide.
- Every year, inventory shrinkage costs the U.S. retail industry over $46 billion
- Over 40% of surveyed retailers reported an increase in inventory shrinkage.
- ORC contributes to $30 billion in losses.
- Nearly 92% of retailers have been a victim of ORC.
- ORC costs retailers $777,877 per $1 billion in sales.
- Nearly 45% of shoplifters claimed theft would have been more difficult if anyone paid attention to them during the crime.
Despite the gravity of retail crime, the report highlights most retail stores spending less than 0.36% in preventative measures. Anti-theft devices are an investment that quickly demonstrate ROI.
Why Should You Consider Installing an Anti-Theft Software Solution?
Anti-theft software cannot simply be pried off and tucked beneath a jacket. Subtle and powerful, these devices measure the distance of a device removed from its proper display in any direction or orientation. If a product leaves a predetermined distance for too long, alarms will sound to alert appropriate personnel of a customer’s foul play.
2. Retail Anti-theft Software Collects Valuable Data
Anti-theft software quickly becomes a profitable investment. As a retail store owner, consider the following:
- Are the correct models on display?
- Are the New devices live and on display on the launch date?
- Is the demo app loaded on all display devices?
3. Retail Anti-theft Software Provides Greater Customer Experience while Impacting Your Bottom Line
Retail store owners are rightfully concerned with their displays’ aesthetic appeal. Therefore, anti-theft software is ideal for experience-driven environments. Valuable to the technology industry, wireless software allows customers to hold the product and walk around to compare with another displayed device.
Customers are often turned off by heavily wired security systems, especially when considering a pocketable or hand-held product. However, the mobility of anti-theft software delivers an extraordinary customer experience.
Decreasing theft effectively increases a retail store’s bottom line and impacts profit margins. When considering expensive merchandise such as electronic devices, invest in a system that increases purchases, decreases theft, and build your marketing strategy.