AI is evolving at a fast pace, and the retail industry is employing the technology on multiple fronts. From ensuring a smooth shopping experience to replenishing stocks in a timely fashion, retail stores are discovering the many efficiencies that AI can offer. SAI Group’s visual AI solution for retail
Retail is evolving at a rapid pace. Despite the rise of e-commerce, physical stores are far from obsolete. In fact, they’re thriving. According to a report by the International Council of Shopping Centers, the number of physical stores in the U.S. is projected to grow by 10% by
In recent years, retail crime has surged dramatically, leading to significant losses for stores across the US and the UK. Shoplifting, once a desperate act driven by economic hardships like inflation and unemployment, has now morphed into a more casual activity. Alarmingly, even loyal customers have been caught slipping items
In the past, retail theft used to be associated with riots and episodes of social unrest. Essentially, when such violent incidents occur, law enforcement agencies are stretched, and the rogue crowd takes advantage of the lax security at retail stores. However, theft data coming through over the past couple of
This year, a few of UK’s largest retailers have successfully deployed AI-powered CCTV surveillance across hundreds of their stores. The foundation for this technology upgrade was provided by SAI Group’s visual AI platform, which can automatically detect a wide variety of theft scenarios such as aisle theft, item
As a stalwart of the British High Street, the Co-op have been vocal about the rapid rise in shop theft around the country, including lobbying successfully to have assault against shop workers recognised as a stand-alone offence. They have also been taking practical steps to reduce theft and improve the
In the most significant action against retail crime in recent times, the UK police has arrested over 90 people and are in the process of deporting a few. According to the police, these arrests account for crimes totalling 4 million GBP across retail stores in the UK (see news). Overcoming
Last year, over 67000 cases of shoplifting were reported in the UK. With over 62000 cases of shoplifting already reported by end-October, the signs are ominous for small retailers, staff at the retail stores, and genuine customers even as the annual holiday season is all but here (see news). Contributing
Cloud technology majors are investing heavily into building AI infrastructure. The trend is akin to the wave of mobile and cloud-computing investments that disrupted the market a few years back. Amazon, Microsoft, and Google will realize USD 2 trillion in additional revenues from AI And riding this wave will be
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