What is retail shrink? Retail shrink or “shrinkage” is the loss or damage of inventory most commonly attributed to by factors such as employee theft, shoplifting, administrative error, vendor fraud, damage in transit and cashier errors. How much does Retail Shrink affect your business? Well according to a recent study by the National Retail Association, $272.5 Million was estimated to have been lost through stolen goods and fraudulent transactions last financial year alone.
With retail crime on the rise (Up 25% since 2013 according to the National Retail Association) the costs to your business can be expected to rise and prevention technology plays an intricate part in preventing that. It is critical to find alternate ways to protect your business & stock at Security 1 we recognize the dire importance of this issue. Technology is evolving and with that, prevention systems such as security alarms and CCTV are evolving too. Now not only can you review CCTV footage on site, you can remotely access that footage and view it in real time through your smart phone. The quality and detail of recorded CCTV footage has evolved immensely as well, making it much easier to recognize and identify a potential offender before and after the offence.
“Quality CCTV products are smarter, more affordable and more accessible now than they’ve ever been in the past” says Neville Simpson, regional service and sales manager at Security 1.
Retail shrink is an unfortunate reality that all retail stores face. CCTV is one of the best ways to prevent and mitigate its effects on your business. If retail theft has been an issue for you in the past or if you’re considering CCTV as a way to help prevent it in the future Security 1 can help. Contact our 24hour monitoring station on 136000 for an obligation free quote.