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PhysicalSecurity NewswirePhysical SecurityRetail/Restaurants/Convenience

54% of SMB retailers have installed security cameras in the past year

By Security Staff
clothing rack with red and white clothes

Image via Unsplash

December 18, 2023

Retail security and loss prevention was analyzed in a recent report by Software Advice. Survey data reveals that 68% of small and medium businesses (SMB) retailers are experiencing shrink rates above the industry standard of 1.5%. This rise is predominantly attributed to external theft (e.g., shoplifting, organized retail crime and fraudulent returns) and marks a significant challenge for businesses with smaller margins and less sophisticated loss prevention strategies.

Thirty-four percent of SMB retailers report a rise in shrink over the past 12 months, and 46% have experienced more theft at their stores. With shrink taking a bigger bite out of small-business sales, the focus on effective loss prevention strategies is paramount. Of the retailers who have observed more theft, 88% say they now consider loss prevention a top priority.

SMB retailers are adopting a range of strategies to curb shrink. Over half (54%) have installed or updated security cameras in the past year, a move indicative of their commitment to improving surveillance and reducing theft. Additionally, the introduction of new inventory management system reporting software and training techniques reflects a shift toward a proactive, technological approach that can keep employees safe.

Read the full report here.

KEYWORDS: loss prevention retail crime retail loss prevention retail security video surveilllance

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