Black Friday signals the beginning of increased rates of shrinkage for retailers throughout the country. In 2012 through 2013, retail theft cost retailers over $112 billion globally, according to the Global Retail Theft Barometer.
For retailers in the United States, this loss translates to almost 1.5% of all sales. However, it is not just retailers that bear the brunt of the cost. Consumers also suffer due to increased prices. Retailers can fight back this season by upgrading their security systems with hidden cameras that may help reduce thefts.
What is Shrinkage?
Shrinkage refers to retail thefts from not only shoplifters, but a retailer’s employees. It also includes inventory that may be lost due to vendor fraud or administrative error.
A recent National Security Retail Survey found that in 2011, retailers in the U.S. lost $34.5 billion in shrink. What’s astounding is that 44% of these thefts are committed internally by employees, while only 36% can be attributed to shoplifting. The remaining 20% of loss is generally blamed on vendor fraud and administrative errors.
Fighting Back with Security Cameras
The presence of visible security cameras may act as a deterrent for some shoplifters or untrustworthy employees; however, these are not foolproof, as people can quickly learn how to avoid areas that appear to be under surveillance. By using hidden cameras, retailers can improve their chances of catching shoplifters and employees in the act.
Hidden cams can be placed throughout the establishment in areas that are susceptible to theft. While most retailers will make sure that areas where high-price items are displayed, such as electronics or jewelry, are under surveillance, it is important that they also make sure other areas are covered. These include:
- Register areas
- Cash-counting rooms
- All entrances, including back doors and those in employee-only areas
Spy cameras can be hidden in ordinary objects that shoplifters and employees may never suspect, including:
- Smoke detectors
- Pencil sharpeners
- Ceiling speakers
This Black Friday, be prepared with the best practices in security surveillance. Supercircuits has all the tools retailers need to help reduce thefts this holiday season and throughout the year.
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