Friday, November 25 – Black Friday – is one of the biggest shopping days in the calendar. It continues with the holiday season and Cyber Monday. While retailers get ready to boost their sales in these days and develop strategies to handle increased store traffic, they should also rethink their loss prevention strategies.
More than 65% of retail shrink is caused by theft
The sad truth is that in-store theft is one of the biggest problems in retail throughout the year. The National Retail Federation reported a $94.5 billion total retail loss due to shrink. This shrinkage problem worsens during the Black Friday and Christmas seasons as the busiest periods become more appealing to shoplifters.
We listed the most important loss prevention strategies to prevent theft in your stores during the Black Friday rush:
Leverage your in-store anti-theft systems
Invest in better anti-theft security solutions to protect your high-risk products, such as electronics, apparel, and alcoholic drinks. Shoplifters take advantage of crowded stores and inefficient security systems. They usually target items that they can easily conceal. Ordinary security tags are easily opened with magnets or hooks.
Peak periods such as Black Friday give shoplifters time and opportunity to easily outsmart classical security tags. You can ensure the highest level of security by replacing your existing anti-theft tags with rapitag smart anti-theft sensors. No other tools like magnets or hooks can open rapitag sensors. They only work with an encrypted digital token, transmitted over low energy wireless technology to ensure better security compared to other hard tags on the market.
Enhance resource allocation and improve in-store efficiency
Black Friday week is busy. You need efficiency in your stores to handle the incredible traffic and sales. Implement the right technologies to speed up checkout processes and save your staff time by reducing security tag handling. Free up your staff for other value-added activities such as consulting customers and promoting the Black Friday deals to drive sales. rapitag eliminates friction in checkout processes, regardless of the type of checkout.
Track your products to prevent theft & reduce OCR
After the Black Friday rush, retailers face missing item problems during inventory checks, and usually it is too late to identify the reason. Do not let your stocks be at risk, use technology to track your products in real-time. Keep an eye on your products in the store by tracking the location, status, or customer interaction of each product. rapitag offers you a combination of both security and insights about your products, such as where a single product is at that moment, who unlocked the smart anti-theft sensor, when it is unlocked, and more.
The Flip Side of Black Friday: Don’t let a sales opportunity turn into a theft nightmare!
Get in touch with our team to learn more about our solutions to ensure better loss prevention in your retail stores and discuss how we can transform your stores.