As a retailer, it's not always easy to just throw money at problems like shoplifting or loss prevention. With a finite budget, many smaller retailers can't take advantage of all the technology that big-box stores may have at their fingertips. Whether it's high-tech security camera systems, door scanners, or facial-recognition software, sometimes their big-ticket costs just don't fit with your small business security budget.
But shoplifting can have a crippling effect on retailers — after all, inventory shrinkage costs the U.S. retail industry over $45 billion each year. So, while you may have a limited budget, it's important to identify shoplifting as a problem and have a loss prevention plan in place.
So, what's a retailer to do? Here, we'll take a look at cost-effective and low-tech tactics that you can start implementing right away.