The Retail industry in the UK is in a bind – even as retail shrinkage is soaring, privacy regulations such as GDPR are preventing retailers from sharing valuable information on theft patterns and offenders. Iceland chair Richard Walker recently called for changes in regulations so that retailers can share CCTV footage
The size of AI in the Computer Vision market was valued at USD 9.9 billion in 2023 and it is expected to clock 10% CAGR from 2024 to 2032. By 2032, the market size of visual AI is expected to touch USD 28 billion. One of the key drivers
Retail companies are witnessing a steep rise in shrinkage and players like Co-op Supermarkets are taking the situation head on. In the backdrop of a 44% increase in retail crime, Co-op has started rolling out visual AI across their network of stores (click this link for the full story). Theft
Visual AI could be a true game changer for retail companies as it can detect suspicious activities in real-time and help curb shrinkage. However, retail loss prevention teams are still engaged in discussions on this technology, even as losses are steadily rising year over year. Why are retail companies holding
Sainsbury’s has taken the lead with a recent announcement which talks about rolling out Visual AI in their network of stores across the UK (see news). Other retail companies are in advanced stages of evaluating the addition of Visual AI into their mix of store security solutions. The Retail
Retail Shrinkage is a significant concern for retailers, with losses topping billions of dollars each year for the industry. Most retailers tend to react to losses after they occur. In this article, we'll look at the reactive mode that is plaguing the industry and list down some strategies
False positives are the bane for security products and technologies. They tend to take the focus away from the prevention of incidents. Teams and personnel end up working overtime to ensure that product experience for customers and prospects are not adversely impacted due to events being misreported. With the introduction
Retail Shrinkage is at its peak and store staff are increasingly losing trust on the shoppers who visit their stores. Even though security personnel are deployed in the store to prevent theft, the number of theft incidents and the losses associated with it are mounting with each passing day. Incidents
Work with SAI Group to Reduce Loss Self-Checkout (SCO) is witnessing greater adoption, with millions of items being scanned across stores of retail chains. While this has helped retail chains showcase a futuristic tech-savvy store with fewer personnel, loss prevention officers are staring at rising self-checkout fraud, highlighting the risks
Retail chains across the US and UK have reported significant losses, amounting to billions of GBP, due to shoplifting. Store staff, whose objective is to ensure that customers have a pleasant experience while shopping, now find themselves in an unsafe work environment. Even the UK government acknowledges this as an
Loss Prevention Needs Smart Technologies With each passing year, the retail industry is witnessing a steady rise in shrinkage, which is financial losses occurring due to theft. According to the National Retail Security Survey 2023, 36 percent of retail shrinkage in the US can be attributed to external theft and
India has a very long association with technology. Some argue it is a history that goes back to the Bronze Age. What is certain is that IT has been a staple of the economy since the 1970s, when emergent mainframe computers needed teams of dedicated engineers and programmers to keep them running.
