The Hidden Loss Prevention Cost Burning Retail Stores | Anti-theft.

The challenges a retail store faces in 2018 are well documented. We all know that technology seems to be evolving and disrupting the industry at ridiculous rates - oh, and that new business in town, Amazon Australia, appears to be causing some headaches. But I've always been a firm believer that progression and hunger for customer experience will keep brick-and-mortar stores thriving. Well, at least the ones who are ready to change with the times!

With this in mind, securing a stores assets can go as far as some of your businesses most significant marketing campaigns when we look at it from a bottom-line perspective. If you're a regular to the Instore Blog, you'll know that I've been preaching the powers of the latest Loss Prevention tech. Not only does it protect your assets from theft, but it now also fosters a great buying/customer experience. 

However lately, we've had an increase in people coming to us with the same problem. The problem is that their loss prevention provider has ceased the availability of a particular LP product, forcing the business to pay for the cost of replacing - or "upgrading'" -  every single unit of the no-longer-available product. This is a killer, especially when you have hundreds of a particular item across numerous stores. An example of this might be with your electronic merchandise displays. Being forced to change models of your display pods can cause some serious headaches, especially when you planned on using these items for years to come. Keep in mind, the cost of changing these items - unplanned for -  is far more than the actual cost itself. Factors like the time it takes to organise the roll-out of the new displays and training staff to use the new displays correctly all need to be considered. 

Here's how to avoid this situation yourself. 

You need to ask the right questions! Speaking with your LP provider about how long they plan on stocking the product you're about to invest in is vital. With many LP products, continually needing more of the product as a store grows, or as the products need replacing is common. A few years can go like that, so stocking the latest LP tech, with confidence that your provider won't stop selling that product is vital. 

Falling into this situation can be extremely costly, and it's mainly why I've decided to put to paper - well, finger to keyboard - on this topic. Whether or not you handle your stores Loss Prevention through us is irrelevant, I want to educate you on a common problem in our industry at the moment. 

Retail stores need every win they can get.

Here’s how we ensure this situation doesn't happen.

At Instore, we work with local manufactures here in Australia to provide custom Anti-Theft Solutions. In addition to this, we have close relationships with our suppliers that ensure we stock the latest LP tech -  and importantly - can provide the best possible solutions to our clients. 

The measures to you take in securing your store's assets are essential. While making sales and generating revenue is a crucial metric for any store, ensuring that inventory is accounted for, and maximised is just as important. 

If you're in need of Loss Prevention guidance that will minimise your overall LP spend, and reduce the amount of stock that goes missing in your store, I'm always here to help you out. 

If you'd like to set up a free Loss Prevention consultancy call, you can get in touch with me here.

Throughout the half an hour call, I'll gain an understanding of how your business can lower it's overall LP spend, maximise its security against theft, and enhance the customers buying experience. 

Lorri Dangerfield - Instore Security. 

"Lorri has over 25 years of management experience and is now helping businesses get the best results on their Loss Prevention."

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