Security Cameras For Retail: The Rising Cost Of Theft For Local Store Owners

Owning a retail store is a point of pride in many lives, but protecting retail stores is a practice for which many store owners aren’t prepared. 

If you’re a retailer, chances are you’ve felt concerns over the rising cost of retail theft – an issue becoming more relevant for store owners nationwide as theft rates skyrocket.

Understanding the dangers that retail theft poses to your store is important to begin taking actionable steps to prevent theft. Modern security camera systems are equipped with the resources to protect your store 24/7.

But what’s the latest information on retail theft, and how can security camera systems help protect you? 

The Problem Of Retail Theft

Retail theft is an issue that’s becoming more noticeable as thieves adopt more sophisticated strategies. But what’s the cost of retail theft, and how prevalent is it in the modern retail world? Here are some notable statistics from recent years:

• 85% of small business retailers experience theft at least once annually, and only 5% of small business retailers have never experienced theft.
• 79% of small business retailers report monthly losses from theft between $500 and $2,500. 10% of these retailers said that their theft losses exceeded $2,500.
• 52% of small business retailers with brick-and-mortar stores stated that the frequency of theft increased or stayed the same in 2023 compared to the previous year.
• 64% of small business retailers have increased prices to accommodate losses due to theft, while 50% have installed security cameras.
• 21% of small business retailers are most likely to encounter theft at least a few times a week, while 18% experienced theft at least once weekly and 13% experienced theft daily
• In 2022, internal theft – employees stealing from their employer – accounted for 29% of shrinkage, while external theft accounted for 36%.
• Retail’s shrink rate rose from 1.4% of sales in 2021 to 1.6% in 2022.
• Total shoplifting losses hit 19.4% year-over-year in 2023 compared to 2022. As a share of retail dollars, shoplifting losses increased 10.5%.
• In 2020, the average shoplifting incident cost retailers $461.86 per incident.
• Stores only catch shoplifters 2% of the time, and the average shoplifter is only arrested once out of every 100 incidents.

Why Security Camera Systems Are Essential

Theft is an undeniable issue for modern retailers, and if you haven’t taken steps to protect your store, now is the time to make a change. Security camera systems are one of the most important ways to protect your brick-and-mortar stores and mitigate theft.

But what are the specific benefits of security camera systems that make this solution essential? 

Below are a few reasons you need a security camera system for your Lowcountry store.

Security Camera Systems Help Prevent Retail Theft

Let’s start with the most obvious reason and the reason you’re probably considering security camera systems in the first place. These systems are vital resources to help prevent retail theft and vandalism, which can hurt your business – especially financially.

If potential shoplifters notice that you have a security camera system installed, they’re much less likely to attempt to steal from your store. Your cameras should cover your store’s most important areas to prevent theft across departments.

Security Camera Systems Target Employee Theft

Unfortunately, you don’t only have to worry about customers stealing from your business but also about employee theft. Employee theft is a common issue, with employee theft costing businesses a massive $50 billion annually.

Installing security cameras will keep your employees on high alert and prevent the temptation to steal from your business, helping protect your store’s financial health and ensuring you have trustworthy employees.

Security Camera Systems Improve Safety

Keeping your retail store – and your customers and employees – safe is paramount to a successful business. Security cameras help increase safety throughout your store by acting as a crime deterrent.

Stores are often sites for violence, and beyond theft, it’s important to safeguard your employee’s physical health. Security camera systems will make it less likely that violence will occur at your store, making it as safe as possible for everyone visiting your location.

Security Camera Systems Offer Real-Time Monitoring

The best security camera systems will offer real-time monitoring solutions to guarantee you have instant access to live footage whenever you need it. This monitoring goes beyond your store location to allow you to view security footage remotely, meaning you can protect your store even when you aren’t on-site.

Real-time monitoring is another crucial part of deterring retail theft. Access to live footage means you can catch thieves red-handed, and the high-quality security footage will ensure you don’t misinterpret whether someone has stolen from your business.

Security Camera Systems Help During Investigations

Sometimes, crimes occur, no matter how many precautions you take. While you can’t always prevent crimes from occurring, you can contribute significantly to how quickly they get solved by investing in a security camera system.

Security cameras are integral components of criminal investigations, offering valuable evidence that can help authorities locate the perpetrator and take action. These cameras are incredibly powerful resources and a must-have if your business ever needs justice.

Security Camera Systems Reduce Overall Costs

Security camera systems are an incredibly cost-effective solution that can help you save in more ways than one. Preventing theft will save your store significant money that it incurs because of theft losses, making security cameras vital for protection.

However, security camera systems also can reduce costs by eliminating the need to invest in other security solutions like security guards, often less effective than a practical and advanced security camera monitoring solution.

Protect Your Retail Store With SNAP Integrations

Preventing retail theft is possible with a comprehensive security camera system in place. 

With extensive experience with protecting businesses in the Lowcountry, SNAP Integrations can help protect your retail store in North Charleston, Summerville, Downtown Charleston or surrounding areas, recommend the best locations for cameras and help prevent theft through advanced business security system solutions that take your store’s security to the next level.