Law enforcement needs a lot of catching up to make a significant dent on the growing retail crime. Running into billions of dollars across the US and UK, the number of incidents that are taken up for investigation pale in contrast considering the number of cases that are not followed
According to a report by the House of Lords Justice and Home Affairs Committee, shoplifting is being seriously underreported, leading to steep shrinkage and raising safety issues for the retail staff and genuine shoppers. The report paints a grim picture on the crime situation, emphasizing the need for police to
Retail theft is soaring even as the holiday shopping season is fast approaching. With losses exceeding billions of dollars across Europe and US, the situation is looking perilous – for retail players large and small. And governments across the continents are waking up to the fact that retail theft cannot be
Shoplifting in the UK is spreading like wildfire. With an average of 1300 offenses reported per day in 2024, retail crime is up by 29% as compared to the previous year. The average of two incidents of retail theft every minute makes the retail companies as well as the government
The UK government, law enforcement, and the retail industry are searching for ways to curb the worrying rise in retail theft, which now runs into billions of dollars in losses for retail companies and threatens the safety of retail staff. At the heart of the issue lies the compliance and
UK is reeling under a wave of shoplifting – at an average of 1000 incidents per day, crime rates are growing exponentially, costing the industry billions of pounds in losses. Irrespective of the size of operations, retail stores are frantically seeking ways to stop this dangerous trend, which also impacts the
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
Loss Prevention
Employees are the eyes and ears on the ground, making their engagement critical to the success of any loss prevention strategy.
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