Sunday 26 May 2024

4 Tech Ways Businesses Can Avoid Shoplifting

Shoplifting is the bane of retail businesses, especially small businesses that can’t afford to lose the revenue. While many traditional methods work well to prevent shoplifting, tech solutions offer extremely effective options. Businesses of all sizes should look into the ways tech can help them reduce theft.

Install Security Cameras

Security cameras have become a cheaper investment in recent years so most businesses should be able to afford them. Check with your state to ensure your new cameras will be in compliance with all relevant laws. For example, installing cameras in places where people expect privacy, such as bathrooms and changing rooms, where a lot of shoplifting often takes place, is illegal. Aside from being a good deterrent, they also help law enforcement catch and prosecute shoplifters. Additionally, businesses can use video analytics of security footage to identify suspicious behavior without having to pour over hours of footage.

Utilize Good Inventory Management Software

Keeping tabs on your inventory at all times is the most effective way to know if something has gone missing. Modern inventory management software is relatively inexpensive and easy to use, with companies like Square offering solutions for even the smallest of businesses. It also alerts you when stock is low so you can avoid losing sales because you don’t have certain items in stock. Other tech such as digital price tags can aid in inventory management and allow you to update price labels on the shelf instantaneously from a central computer system. This can help prevent people switching price tags on items.

Use Mobile Point of Sale

Using mobile point of sale throughout your store has significant advantages beyond the prevention of shoplifting. It can increase sales because it allows customers to buy on the spot and have their payments processed quickly. As for shoplifting, staff on the floor as opposed to behind a cash register function as both a deterrent and an alert security force more likely to notice and respond if someone is trying to steal something.

Consider Facial Recognition Software

Facial recognition software can alert you if someone with a prior record of shoplifting enters your store. It does this by comparing images of their face to photos in its database. If the system detects someone, it will send an alert to managers. This can help prevent theft because you can keep a closer eye on that person or ask them to leave outright.

Tech has been invaluable for businesses in their fight against theft. Every company should look into its options and see which ones might work best with its business model. The right tech can prevent revenue loss to shoplifting and allow a business to grow.