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Saturday, July 30, 2016

Loss Prevention Continued


In a prior post I had taken a deeper look into Loss Prevention, a destructive problem in retail because the store has to figure out how to compensate for those loss of merchandise. 

According to Wikipedia , 
Retail loss prevention is a set of practices employed by retail companies to preserve profit. Profit preservation is any business activity specifically designed to reduce preventable losses. A preventable loss is any business cost caused by deliberate or inadvertent human actions, colloquially known as "shrinkage”.

I had disagreed with this description in a sense and added my own interpretation so that the quote would state,

Since retail loss prevention is geared towards the elimination of preventable loss[2] and the bulk of preventable loss in retail is caused by deliberate human activity, traditional approaches to retail loss prevention have been through visible security measures matched with technology such as CCTV and electronic sensor barriers. Most companies take this traditional approach by either having their own in-house loss prevention team or using external security agencies. Companies have also developed newer and more efficient ways to prevent loss of their merchandise. In some cases the loss prevention officers will walk the floor dressed like a regular shopper in order to observe those who may seem suspicious. This new method gives the loss prevention team the opportunity to catch the thief red handed. it offers the element of surprise. 

I believed the quote needed more embellishment because it was lacking in certain areas such as the fact that there are plain clothes loss prevention officers actually walking the floor. Instead of walking the floor with a badge like 


This fact is unknown to the regular shopper and the common thief. I actually went back and visited the Wikipedia page which I edited and to my surprise my changes were gone. Maybe there is a Wiki team which works to remove the edits of the regular reader like myself.

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