Organized retail crime is on the rise. What this means for you as the proprietor of a retail business is losses that can be difficult to recognize. If you are the victim of organized retail crime, you will have noticed the damage to your bottom line. But you may have yet to recognize the source of your losses. Here are the top 5 signs that your business is being negatively affected by organized retail crime.
1. Unexplained Inventory Shrinkage
As the owner of a successful business, you keep a close eye on your inventory. But retail thieves are getting smarter all the time. That means spotting the thieves and their handiwork can be difficult. One of the first signs of organized retail theft is lost inventory that you cannot explain by any other means.
2. Frequent Out-of-Stock Situations
When inventory does go missing unnoticed, one of the first ways this will manifest is unexpected out-of-stock situations. If you don’t know an item is gone and a customer attempts to buy it, this could negatively impact your reputation. When this happens, it is almost always an instance of retail theft.
3. Presence of Counterfeit Products
The presence of counterfeit products is an almost certain indicator that you are facing sophisticated organized retail crime. With 3D printers, retail thieves are able to produce realistic-looking imitations of the products you sell. In some instances, these will be slipped into existing packaging. But sometimes, forged packaging may also be present. Some of the most sophisticated counterfeit products can even present electronic features that appear genuine. If you are facing this level of organized retail theft, you need professional help immediately.
4. Unusual Behaviour From Customers or Employees
When retail theft is taking place in your store, you are likely to notice customers behaving strangely. You may see them lingering in a certain area for too long. They may be wearing suspicious clothing like hoodies and sunglasses. They may be wandering all over the store without an apparent aim or purpose.
5. Frequent Returns
Fraudulent retail returns are an increasingly common form of retail theft. This is especially true with online sales, but it happens to brick-and-mortar stores as well. Changing your return policies is a good way to address this problem. It is also important to thoroughly inspect returned items before providing a refund since what is sometimes returned is a counterfeit product.
Prevent Organized Retail Theft with RTF Global
At RTF Global our team works tirelessly to bring you retail security solutions that are effective and safe for your staff and customers. To learn more, get in touch with RTF Global today.