The holiday shopping crush — that all-important November and December period — traditionally kicks off on Black Friday, the day after Thanksgiving. On this solo shopping day, retailers often anticipate skyrocketing sales that get them in the “black” for the year.
While that’s overwhelmingly positive, added sales mean added foot traffic — and that means a higher risk of retail theft.
That said, preparation is the key to success for retailers looking to cash in on the Black Friday frenzy. Having the right employees — and enough employees — in-store as well as having visible, meaningful retail security measures in place can curb or even eliminate Black Friday thefts, helping you make the most of this critical shopping day.
The Growth of Retail Sales — and Retail THEFT
Holiday sales have been steadily growing since 2009. In 2017, sales jumped 5.5%year-over-year, to $691.9 billion. This, experts credit, to the improved economy — Americans are making more money, unemployment rates are at a mid-century low and confidence in the U.S. retail industry is soaring. People are, simply, shopping — and buying — more.
At the same time, though, retail theft continues to grow. In 2017, retail theft cost companies $46.8 billion. Shoplifting, including organized retail crime (ORC), accounted for nearly 37% of all retail theft, followed by internal theft at 30%. An average “dishonest” employee, for example, cost their employer an average of $1,203 during this 12-month period.
Curbing Black Friday Theft
Loss prevention — especially internal loss prevention — continues to be critical for retailers looking to improve their Black Friday numbers and overall ROI. Employee training and awareness campaigns, including audio announcements and literature, are key tools for in-house preparations. Properly trained employees are less likely to steal, are more likely to report thefts and are better equipped to identify shoplifting and ORC.
Undercover security personnel and closed-circuit television monitoring continue to play a role in retail security, but these Black Friday thieves are in for a surprise – more and more retailers are equipped with smart crime-fighting digital tools, such as Senseon’s cutting-edge line of fixture locks and drawer slides.
Integrating Senseon Secure Access Solutions
Senseon’s line of theft-proof products features integrated RFID technology, making in-store security a cinch for companies. RFID-enabled tools have had a transformative impact on retail security, giving employers the ultimate control over retail engagement during Black Friday and anytime.
With this powerful solution, members of your team are assigned an RFID key fob, making it easy to track which individual is interacting with merchandise and when. Plus, the fobs unlock virtually any product with a quick tap over the hidden reader, so you know that process won’t hinder potential buyers.
Unfortunately, employees often play a hand in shoplifting and ORC, either personally or by helping other individuals. Senseon’s audit trail tracks products seamlessly with proprietary user management software, giving employers peace of mind and an unparalleled way to protect against internal and in-store theft.
Take the guesswork out of shopping for the best RFID solutions by visiting our Retail Solutions page to learn more. Get in touch with our in-store team and see how Senseon can enhance your seasonal security strategy and beyond.