You may initially think of security guards at shop entrances and EAS gates to detect security tags when you think of loss prevention in the retail space, and whilst these more traditional methods do have their place, remote monitoring is paving the way in protecting against all areas of loss, whether that be accidental damage to items by employees, fraud or operational errors. In this blog, we explain remote monitoring as a tool for loss prevention in retail.
- What is Loss Prevention?
- Traditional Loss Prevention Methods in Retail
- The Rise of Remote Monitoring in Retail
- Benefits of Remote Monitoring for Loss Prevention in Retail
- Implementing Remote Monitoring for Loss Prevention
- Remote Monitoring for Retail with RMS
What is Loss Prevention?
Loss prevention encompasses a range of strategies and tools designed to minimise waste and prevent the loss of inventory in a business. This can involve preventing various incidents such as shoplifting, employee theft, vandalism, and the mishandling of goods. In the UK, there were 5.6 million incidents of shop theft in the last year.
There are two main objectives of loss prevention strategies. Firstly, to protect your profits from unnecessary expenses and to maximise the revenue from your existing inventory. By ensuring your inventory remains available for sale instead of being lost to theft or damage, you can boost profits. Items that stay on the shelves are more likely to be sold, and you save money by not having to replace stolen or damaged goods.
Traditional Loss Prevention Methods in Retail
The more traditional loss prevention methods commonly used in retail are:
- In-store security patrols
- Employee training
- Clear policies on in-store merchandising
- Optimised store layouts
The Rise of Remote Monitoring in Retail
Remote monitoring is the use of a third-party professional monitoring company that will use an alarm receiving centre (ARC) to monitor alarm activations across various systems, whether that be intruder alarms, CCTV or VSS systems or access control systems. They will be able to provide real-time alerts, video surveillance and data analytics, therefore allowing retailers to maintain vigilance over their stores without needing to be physically present, and thus focusing their effort and resources elsewhere whilst still carrying out loss prevention.
Benefits of Remote Monitoring for Loss Prevention in Retail
24/7 Surveillance
Remote monitoring allows for continuous surveillance 24 hours a day, 365 days a year. A remote monitoring team can keep watch of all areas of a retail space, which can be difficult with only a physical security team in place. Out-of-hours incidents such as intruders or vandalism will also be detected and can be acted upon instantly. With 24/7 surveillance, real-time alerts can be given to store managers or site personnel.
Deterrence
Visual cameras will always act as a deterrence to shoplifters and dishonest employees. If they know they are being watched on CCTV and by a team of professional monitoring operatives, it reduces the likelihood of them carrying out their criminal activities.
Rapid Response
Remote monitoring in retail spaces allows for a quick response to incidents as they are identified instantly. Faster decision-making can then be made and improves the likelihood of bringing the individual(s) to justice.
Enhanced Employee Oversight
Remote monitoring allows for better oversight of employees, helping to reduce employee theft, as well as ensure compliance with store policies. In addition to security, remote monitoring can improve overall efficiency by identifying any areas of improvement, as well as identifying employees who are perhaps not working effectively and taking unagreed breaks.
Cost-Effective
Remote monitoring, although an investment, can be more cost-effective in the long term. This is due to its ability to replace a physical security team, especially out-of-hours. Remote monitoring can also be easily scaled as the retailer grows, which is usually less expensive than hiring more security personnel to cover the larger areas. Remote monitoring can also be easily tailored to meet individual needs.
Implementing Remote Monitoring for Loss Prevention
The following steps discuss how to implement remote monitoring for loss prevention, specific to a retail space.
Choosing the right technology
Choosing the right technology to aid remote monitoring is key. Surveillance or CCTV cameras with high-definition footage is key, and you may want one with night vision or wide angles for comprehensive coverage. Motion sensors, door alarms and other detection devices are also important and will improve the effectiveness of your remote monitoring. More advanced security measures can also be used, such as facial recognition, behaviour analysis, and video analytics to analyse for predicted suspicious behaviour.
Interaction
Integrating remote monitoring surveillance with current retail systems, such as point-of-sale (POS) systems, will help monitor transactions and identify any discrepancies. Remote monitoring can also be integrated with inventory management systems to keep better track of stock levels and identify any patterns related to inventory shrinkage.
Training
Staff should be aware of the remote monitoring in place and understand how it contributes towards loss prevention. There should be clear protocols surrounding it and how to report and respond to incidents. With remote monitoring in place for loss prevention, retailers will need robust security protocols in place such as regular reviews of security footage and coordination with law enforcement when or if needed.
Data Privacy
Of course, when video footage is taken via remote monitoring, data privacy and compliance come into play. Legal compliance needs to be met for both employees and customers, and clear policies should be in place regarding the use and storage of footage.
Remote Monitoring for Retail with RMS
At RMS, we specialise in remote monitoring for loss prevention in retail spaces. We ensure your sites are protected from potential risk of loss, whether that be from theft, fraud, accidents or fire. We monitor what matters to you, providing a bespoke service that can be tailored to your needs.
For more information on our retail monitoring, click here.
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