While technology and the internet bring value to everyday life, there is a dark side to all things good. Unfortunately for North American retailers of every kind, the internet supports one of the largest illegal markets for stolen goods. Top-dollar items are at risk of being stolen and illegally sold online, and hardware stores are undeniably affected. Now more than ever, hardware retailers must enlist the help of retail anti-theft professionals and products like those from RTF Global.
How Stolen Goods on the Illegal Market Impact Hardware Retailers
Some of the most problematic ways the illegal market for tools, supplies, and other hardware products affects retailers include:
- Supply outputs become improperly skewed
- Retailers are forced to raise prices to make up for inventory losses
- Retailers face lower demand for their own inventories
- Sales numbers become less forecastable or reliable
- Retailers are unable to compete with lower prices for illegal market merchandise
The illegal market operates in an economic system outside the legitimacy of legal retail environments. However, this market is ominously large and there is no shortage of unauthorized vendors selling illicit merchandise. Therefore, hardware stores do face detrimental challenges.
Modern Challenges for Hardware Stores Facing Issues with Theft
Not only is the illegal market thriving now more than ever, but businesses are facing new challenges in deterring theft. For example, shoppers are wearing face masks now, making the shoplifters harder to identify.
When Business.org surveyed 700 small businesses, they found that 54% of small businesses had an increase in shoplifting in 2021. Some store owners have even reported shoplifters are becoming more brazen, and not as hesitant to react aggressively when confronted.
Reduce Theft with Industry-Leading Security Solutions
Minimizing theft is the one true way for hardware store owners to overcome the challenges that come from the illegal market. The key is implementing robust security measures to keep merchandise properly secured, so it is not stolen in the first place. Simple measures like securing power tool displays with anti-theft devices, using peg locks for small merchandise, or implementing RTF recoilers make a significant difference.
Ready to discuss the security needs of your hardware store? Reach out to us at RTF Global to find out more about our solutions.