Shoplifting seems inevitable for many retailers in physical stores. It is difficult to pinpoint who is prone to shoplifting. There is no main reason for people to shoplift. Is this inevitable, or is it because shoplifters want luxury goods that they can’t get? If a person steals, is it possible to commit another crime? With so many unanswered questions, what should retailers do?
According to statistics, shoplifting accounts for 39% of retail inventory losses, about $42 billion annually. This is a huge number if you run a small business. If shoplifting prevention tips are not well accepted, your small business will suffer significant losses. They will suffer daily in the hands of shoplifters who may be impulsive amateurs or career criminals.
Inventory reductions or losses are a major problem for pharma companies dealing with physical medicines. Studies show that companies are estimated to lose a major chunk of their total annual sales due to shoplifting. This leads to inventory depletion. There is no other way to determine the cause of the shoplifting. So you need to implement a system to manage and monitor your inventory. Therefore, to prevent shoplifting, you need to know what it is, why it is happening, and how you can prevent it.
In this blog, we will help you understand in depth how to prevent and handle shoplifting in your retail pharmacy store.
Article Content-
- What Does Shoplifting Mean?
- How to Put a Stop To Shoplifting – Prevention and Handling
- Prevent Business Losses through Shoplifting with the Help of SWILs Powerful Inventory Management Software
- Wrapping It Up
What Does Shoplifting Mean?
Shoplifting is the act of stealing medicines and other healthcare products from a pharmacy retail store. Sadly, shoplifting is a serious and ongoing problem for most pharmacy retailers. It is found that shoplifting costs pharmacy retailers an estimated $ 11 billion annually. Approx. 30% of their losses were due to organized retail crime.
Higher-priced professional shoplifters are a nuisance for pharmacy retailers as they tend to steal higher priced medicines and products. Sometimes they work from within with the help of employees. However, the fact that 70% of shoplifting losses are due to chaotic theft. This means that efforts to prevent these losses should focus on both professional and casual shoplifters. The most commonly stolen items include OTC products, pain relievers, deodorants, band aids, perfumes and pharma products.
How to Put a Stop To Shoplifting – Prevention and Handling
Have the appropriate security and surveillance tools
Install the anti – theft device needed to stop shoplifters. You must have a video camera installed in your pharmacy store. This will help you record illegal things with the help of tape. Some video solutions integrate with point – of – sale or inventory management software. This will help to provide additional insights. This will help you to prevent business losses. If a CCTV camera isn’t on your budget, there are other cheap tools that can prevent shoplifting. Signage is another popular choice among pharmacy retailers. Anti – theft signs by your entrance or exit rooms can serve as a repellent for potential shoplifters. You could also install mirrors at different angles to eliminate blind spots. This will help you track what’s going in every corner of your shop.
Invest in an excellent inventory management software
Research the best inventory management software available in the market. Choose the one which suits best for your business having all the necessary features. Make sure there are features for inventory level tracking. This will help you stay notified about the number of products you have from time to time. It is easier to detect theft with the help of efficient inventory management software.
Focus on excellent customer service
Security tools are great, but they have their limitations. To minimize shoplifting, greet and instruct your employees to engage with all customers walking into your pharmacy store. Apart from showing good customer service, this tactic can also discourage shoplifters. If potential shoplifters feel that they are being monitored, you are less likely to steal. Additionally, let your staff go even further by continuing to interact with shoppers while they are browsing the store. If they are looking at something, tell them something unique about that product.
Maintain an organized store
Shoplifters can easily steal in unorganized stores. It can be difficult to determine if something is missing or not. As basic as it sounds, you always have to keep your store tidy.
Set up your medicines and other healthcare products in a structured manner. Additionally, invest in an advanced pharmacy inventory management software. This will help you avoid the hassle of manual maintenance and organization techniques. It will quickly help you see if there are any missing items. Make the products visible as much as possible in the eyes of the customer to avoid missing sales.
Always check payment receipts at the exit
Another practical way to prevent shoplifting in pharmacy stores is to tighten the receipts checking process. You can hire a security guard to check the consumer’s receipt at the exit before they leave. It may be a bit time consuming, but such actions prevent potential shoplifters from stealing in the first place.
Provide training to employees to recognize potential shoplifters
Your employees are part of your team to prevent shoplifting. You need to train them about shoplifting prevention techniques. They need to be educated about signs of shoplifters, confronting the theft. Also they need to be given training on how to stay mentally aware at all times. This is the best way to prevent potential shoplifters from committing crime in the first place.
Maintain a close relationship with your employees
Employee theft has been reported to be a major cause of retail shrinkage. Install security cameras in your pharmacy store and warehouse in all areas. This will make sure you prevent in – house shoplifting by staff. Build a good relationship with your employees. Always let them know that you value their hard work. However, make it very clear that there will be consequences for their actions if they are found doing acts of stealing.
Prevent Business Losses through Shoplifting with the Help of SWILs Powerful Inventory Management Software
Choosing the best inventory management software can be a hassle for your pharmacy store. A variety of top inventory management software are available in the market. SWILs advanced ERP for retail pharmacies is a top – notch inventory solution for your business. Warehouse management plays an important role in the success of your business. This software helps you track your inventory in real time and provides alerts on high or low selling items, expired product lists, and more. SWIL inventory management software improves the efficiency of your inventory. Get insights of your pharmacy store’s complex supply chain inventory management issues.
Wrapping It Up
If potential shoplifters are aware they are being watched, there is a low possibility of them doing anything in the first place. Invest in theft prevention technologies such as CCTVs to monitor potential shoplifters closely. Most importantly, invest in the best inventory management software. This will help you monitor inventory levels closely. This will additionally give you alerts about stock level warnings to prevent losses of any kind. If you are interested in such a solution, contact SWIL today!
