Loss mitigation is a set of practices employed by companies to reduce and deter losses from theft and fraud which cost businesses billions of dollars a year. Two of the main sources of loss (shrinkage) are:
1. Employee Theft
According to the National Retail Security Survey, employee theft is the number one source for shrinkage. Types of scams include discount abuse, refund abuse, credit card abuse and inventory theft.
Customer theft occurs through concealment, altering or swapping price tags and/or container transfers.
No matter how big or small your business is, it is not immune to these types of losses which can be mitigated to increase your revenues. Outside of hiring D. Michael & Associates Inc, to mitigate these problematic areas, here are a few tips on identifying shoplifters:
Spotting the Shoplifter
1. Subject spends more time watching cashier or sale reps
2. Subject wears unnecessary bulky clothing
3. Subject takes numerous items into dressing rooms
4. Subject appears nervous
5. Subject frequently enters store only looking and not buying
If you feel you have an internal theft problem, which you do, contact D. Michael & Associates Inc today to help resolve these issues.