Retail Security

Retail Theft: How Much Does It Cost?

Retail outlets are one of the most commonly targeted establishments when it comes to theft. Shoplifting, staff theft (shrink), and other criminal behavior cost the average Chicago, IL retail business with $1 million in yearly revenue around $50,000 each year. The figures are comparable for small firms. Even if a company makes $100,000 in annual gross sales, it corresponds to a $5,000 annual loss - a significant amount for a small business owner to bear.

You might be shocked to find that stealing isn't always the cause of retail losses. The following is a breakdown of retail business loss statistics:

• Employee theft is responsible for 47% of all theft.
• Shoplifting accounts for 32% of all thefts.
• Administrative mistakes account for 14% of all errors.
• Vendor fraud accounts for 4% of all fraud.

In summary, you could be losing money for a variety of reasons, ranging from dishonest employees to honest errors. However, with a Chicago Security Systems properly fitted video security system, you may dramatically prevent such losses and preserve your company's bottom line. Many business owners in Chicago, IL, see favorable outcomes almost immediately after their security system is installed.

The Advantages of Video Surveillance

One of the simplest ways to secure your Chicago, IL retail store is to install a video surveillance system. Aside from the apparent benefit of reducing shoplifting, installing video surveillance can also help with:

Employee Theft Prevention

Security cameras with POS integration can detect cashier-related shrink, unauthorized discounts, fraudulent transactions, and more. Your video security recorder takes transaction data from the cash register and overlays it over the video of the sale event using point of sale integration. Employees who are aware that the technology is always observing can be deterred from stealing if POS integration is in place.

Deterrent to Robbery

When security cameras are installed, attempted robberies are considerably reduced, as cameras are a huge deterrent to criminals. If something like this happens, you'll have court-admissible video evidence with the forensic detail law enforcement officials need to find the culprits.

Improved Customer Service

You can monitor staff and client interactions, personnel activities, service levels, traffic patterns, blocked aisles, and more with a retail security camera system. This allows you to pinpoint areas of your retail floor where traffic flow can be improved, merchandising can be better, and the entire customer experience for your Chicago, IL customers can be improved.

Risk Reduction

Security cameras can also aid in the reduction of fraudulent premises liability (slip and fall) litigation claims. They also allow you to spot any potential safety hazards in your store's layout. This aids in the reduction of your company's overall risk.

Conversion Optimization

A "bird's eye perspective" of your retail floor can assist you in determining the overall success of your advertising, marketing, in-store promotion, and customer engagement. You'll have a better idea of what's working and what isn't, and you'll be able to use that information to make changes that lead to more conversions and sales.

Remote Monitoring

You may utilize your retail surveillance system to keep an eye on your Chicago, IL store(s) 24 hours a day, seven days a week, from anywhere. You may check in on your business at any time, whether you're at your home office on the other side of town or on vacation on the other side of the world, using your laptop or mobile device.

Improved Results

Are you looking into a possible theft? Do you need to make a case in court? With multi-megapixel cameras that give crystal clear, court admissible evidence, a professionally installed video security system can make it easier to do so.

The Importance of Professional Installation