Approaches To Retail Loss Prevention In The Post Pandemic Era

Loss Prevention is an important part of the success of a retail enterprise. Modern retail has evolved to a point where many more people are engaging in online purchases, particularly during the pandemic related lockdown. However, bricks and mortar stores are more susceptible than ever to retail shrinkage. The COVID-19 pandemic has caused major disruptions to all levels of business impacting the retail industry, starting with supply chains and lockdowns which resulted in the temporary closure of some physical stores. It’s more important than ever to help businesses retain stock and assets, whilst mitigating risks and implementing health orders as they arise.

In a recent statement, The Australian Retailers’ Association reports a direct cost of $3.37 million[1] per year to retail industry crime, which includes stock loss attributed to theft. The financial implications of retail shrinkage can be devastating[2], particularly after businesses have suffered losses during the periods of extended lockdown and disruptions to supply chains and foot traffic as a result of the pandemic.

There are several solutions retailers can use to prevent retail shrinkage and asset loss. Static security officers and loss prevention officers serve a functional and efficient purpose, as they are customer facing and highly visible, which provides an obvious deterrent for potential offenders. Overt static officers can also serve a dual purpose; to assist the retail store to manage and prevent incidents, manage crowds, and reinforce public health orders such as mask wearing and density limits.

Our cybersecurity and advanced technology measures use constantly evolving AI and integrated security solutions to address the systems that are a vital part to the function of your business. Point-of-Sale programs, inventory software and customer databases are susceptible to cyber threats which can also undermine your online web store, reputation, and profit margin. Smart technology, including people and vehicle movement, and temperature checks, provide a holistic approach to asset retention. We can advise on, and install on CCTV systems scaled to fit your business. Smaller enterprises may be eligible for a CCTV package through the NSW Government’s Community and Small Business CCTV Fund.[3]

Urban Protection Group security officers follow proven best practices in crime prevention. We use proven loss prevention techniques and establish professional processes when incident reporting and monitoring shrinkage. This allows us to review our approach, and adjust accordingly to provide customised, targeted loss prevention practices in response to particular loss patterns.

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