Phil Brown, National Retail Manager, ADT Security , spotlights on the retail security sector, highlighting current security trends, retail security options and packages.
Significant change to hit the retail security sector over the past year:
According to Phil Brown, every year, shrinkage causes retailers to lose billions of dollars in profits. Traditionally, manual controls, paper trails and management authorisations were seen as sufficient to protect retailers but increasingly businesses are recognising the financial and operational benefits of an automated security system that combats theft from both internal and external sources.
In recent years, ADT Security have seen an increased investment in internet-based CCTV monitoring systems, allow retailers to control cameras and view images remotely through a web-based interface. Electronic Article Surveillance (EAS) systems have also proven effective in delivering a positive return on investment on retailer’s shrink reduction efforts. ADT Security are continuing to develop both these loss prevention technologies.
Significant security trend likely to affect retailers over the next 12 months:
Phil Brown said that loss prevention is becoming an ever increasing priority for retailers. In particular, the focus is on reducing internal theft where employees steal merchandise and money or provide sweetheart deals for their friends and family. In fact, statistics illustrate that in times of economic downturns, internal theft increases.
To combat losses, retailers need to address every stage of their shrink cycle, from shoplifting to employee theft, and identify processes that will help them keep tighter control of their operations. As such, over the next 12 months, ADT Security anticipate more retailers will look towards security providers for a total security package rather than standalone products. A CCTV camera recording video footage in the same location every day that no personnel will ever monitor will not go far towards deterring theft.
Role does/should retail security play in ensuring the commercial success of fashion brands:
According to Phil Brown, this is particularly important in the fashion industry where presentation is so important. It ’is also essential that security measures do not detract from the customer’s experience that they want to touch and feel the product, as well as try it on, before purchasing.
Selecting the correct retail security option for fashion businesses:
According to Phil Brown, the major mistake fashion businesses make in selecting a suitable retail security is the lack of strategic thinking and making a purchase dependent on price are the two most common mistakes made by fashion retailers. While investing in loss prevention technologies might seem like a substantial expense, retailers need to consider the longer term return on investment that partnering with a retail security expert can deliver.
Misconception retailers hold about retail security packages:
Many feel that retail security packages are an expense which will not add value to their business and find it difficult to prove the return on such an investment. These retailers probably do not have effective loss prevention tracking systems in place or they do not implement them in the most effective way, for example, infrequent inventories or reports. Research consistently shows that a well executed loss prevention plan can significantly contribute to a business’ bottom line.