Loss prevention professionals are facing unprecedented internal and external challenges. Rising labor costs coupled with a limited labor pool, an increase in organized crime and the lack of prosecution of shoplifters, and logistical problems resulting in shortages of both food and other goods, are making it more difficult than ever for the retail sector. These issues coupled with already thin profit margins, retail professionals have to rethink their approach to safety and security.
Security technology remains a critical tool in the loss prevention professional’s toolbox and now more than ever, it’s imperative to fully leverage a video management system to mitigate these pressures. But how?
Use video analytics to proactively identify events
Even with a robust loss prevention team that includes a combination of security employees on the retail floor and several in a central command center, watching for shoplifting incidents via surveillance can be a challenge. Video analytics, when incorporated as part of a video management platform, can help to proactively identify issues and notify security staff to address the specific problem. By using video analytics, the loss prevention team can better utilize its resources thanks to technology that can specifically look for and identify certain behaviors instead of relying on the human eye to detect them. Video analytics can also serve as a workforce multiplier, where surveillance can track multiple issues at once compared with a human security officer who can only manage one incident at a time. Precious time can be saved using video analytics.
Identify known shoplifters with facial recognition technology
An increase in organized crime rings means that loss prevention professionals need to use as many resources available to them as possible to combat this problem. This includes leveraging AI and facial recognition technology to identify known shoplifters as they enter the store.
Facial recognition technology can be used to quickly detect an individual who has been placed in a database of known offenders and can be easily checked against incoming shoppers. When a known shoplifter is detected, the loss prevention staff can then use this information to decide what to do next. Do they use surveillance to more closely watch the individual or do they contact police sooner to have the person removed from the premises?
Improve retail operations by combining sales and analytics
Knowledge is power and in the retail space, knowing how a person shops can be invaluable. Surveillance has proven to be a powerful tool when coupled with analytics that can track shopping patterns and identify long lines. In addition, sales and marketing teams are now using intelligence gained from their video surveillance solution to provide business insights into things like retail traffic, dwell times, the effectiveness of product placement, and customer service issues to name a few.
By fully leveraging a video management system, retailers can reduce theft and, at the same time, optimize efficiencies resulting in a healthier bottom line.