Retail industry statistics show that 3-5% of inventory is “lost” annually. If you sell $500,000 in a year, that’s $15,000 – $25,000 out of your business! Experts estimate 50% of that loss is due to shoplifting, 30% from employee theft and 20% inaccurate paperwork. Point of Sale (POS) systems can reduce the loss from employee theft and inaccurate paperwork, and may be able to help you identify areas more prone to shoplifting.
While security systems such as alarms, cameras, and metal detectors can protect your business, security measures in your POS can help:
- Assigning separate logins for each user
- Monitoring inventory frequently (POS systems make that simpler)
- Reviewing voided/deleted transactions
- Reviewing returns (did the item really return to your inventory?)
- You may also want to consider incentives so employees won’t want to steal.
- Give employees a discount; this can be automated in POS
- Offer commission; in POS, you can choose which items are eligible for commission and the employee’s commission rate
What procedures do you have in place? I’d especially love to hear some that I not suggest.