Hardware Retailing The Industry's Source for Insights and Information
The average store loses nearly $47,000 (or 1.6% of sales) each year to shrinkage, according to the 2022 Cost of Doing Business Study from the North American Hardware Association (NHPA). That’s enough money to hire another employee, buy a delivery vehicle or add to your bottom-line profit.
While some percentage of shrinkage is nearly unavoidable in retail, the problem has been getting worse in recent years, mostly due to an increase in shoplifting. Advances in surveillance technology have made it easier to catch and prosecute thieves, but prevention remains the best strategy. Employees who deliver good customer service can be your best defense against theft. Make sure they understand the tactics shoplifters commonly use and the best ways to discourage them from stealing.
NHPA recently updated its three courses in loss prevention, which cover internal theft, external theft and store safety. The courses feature a new format and include updates on the latest trends and technologies in loss prevention. The course and updates were developed with the assistance of Jim Close, managing partner at Risk Management Services Loss Prevention, and Jason Buchanan, loss control specialist at American Hardware and Lumber Insurance.
Courses can be taken online on any device and include a test to help reinforce what employees have learned.
Internal Theft Prevention
According to the National Retail Federation, nearly one third of retail shrink comes from employee theft. Employees can steal money from the cash register or product from the salesfloor. The course will help you understand why employees steal, the common methods they use and the most effective prevention techniques, such as good hiring practices and exception reporting.
External Theft Prevention
Incidents of shoplifting are increasing and organized retail crime is a growing threat. As retailers increase their arsenal of tools to detect and prevent theft, employees who understand shoplifting tactics will remain the best defense. This course covers common methods thieves use, the best ways to prevent shoplifters and how to confront them when you’re sure a crime has taken place.
Store Safety
Creating a safer workplace protects employees and customers while reducing cost due to insurance and worker’s comp claims. Since safety is everyone’s responsibility, it’s important to know how to reduce the likelihood of accidents happening in your business and know what to do when an accident happens. This course covers basic store safety and why it’s important to develop a store safety program.
All courses are available with your NHPA Premier Membership. If you’re not a member, go to YourNHPA.org/membership to learn more.
