Research shows that 3.6 million incidents of retail crime were recorded in the last two years. If you own a retail business, you’re probably well aware of the devastating impact this can have on both your bottom line, and morale. The British Retail Consortium released its 2016 survey, and the results are startling. Between 2015 and 2016, the industry suffered a direct financial loss of £660 million due to crime.
The biggest contributor? Customer theft, which accounted for £438 million- 66% of the total loss.
Business owners deal with this in numerous ways. Some bury their heads in the sand. Others invest in training to help prevent the crime from happening and help take on criminals. 81% of respondents said they train their staff in violence mitigation, while 69% are teaching staff to identify and prevent theft.
Technology is also helping with the fight. One of the best things a business owner can do to prevent and respond to theft? Install a surveillance security system. Unlike the old CCTV systems, these are able to use video analytics, while its algorithm-based intelligence alerts operatives of any dodgy activity.
This means that instead of waiting for a crime to happen, you can directly respond while it’s happening. Since it can tell when someone is lingering in an area for too long, you can also take steps to deter the criminal, by moving into that part of the store.
And if you’re worried that you may be notified of every little hiccup, don’t be. These systems are now so advanced that they can determine between vehicles and humans (which security personnel often need to be made aware of), and things like animals and foliage. These cameras are now high-definition, so they can take in four times more detail than cameras used in the past. This increases cost-efficiency since you’ll need fewer cameras for the same sized area.
Another good option? Access security. Most business owners have areas that they want to be closed off to the general public. But giving staff keys and pin codes can be a pain, plus these can also be used by anyone who gets hold of them. Instead, biometric data eliminates this risk. Now, you can use facial recognition, palm readers, and fingerprint scanning. It’s like something out of the future.
You may also need to increase your cybersecurity. This is particularly important if you sell products online, as high-profile data hacks have proven that no business is safe. A recent report found that the retail industry has seen a 100% increase in cyber attacks within the past year.
It’s crucial that you take preventative steps and increase your cyber security, otherwise sensitive customer information may be leaked, which can massively damage your reputation.
Have you taken any of the above steps to improve the security of your retail business? Leave a comment below and let us know.