Adapting to See Change

Imagine a retail world rapidly transforming, a landscape where the traditional brick-and-mortar model faces the relentless tide of e-commerce. Well, there is no need to imagine as this is 2024, where market losses surpass $112 billion, and the term “retail apocalypse” is not just hyperbole but a stark reality. 

When the industry is closing more physical doors across the nation, it may smell like doom for the traditional model. However, amidst these shifts, opportunities for innovation in loss prevention have never been more significant. And instead of only seeing the obstacles, here are pinpointed areas of potential innovation to combat retail losses.

Harnessing AI for Proactive Loss Prevention
Integrating AI into loss prevention strategies can help retailers identify and mitigate theft preemptively. Technologies like AI-monitored self-checkout systems, embedded RFID sensors and remote deactivation of electronic products not only help automate loss prevention but can also improve customer experience.

Leveraging AI-driven analytics to gain insights into potential risks enables us to act before the loss occurs—not just respond to it​.

Broadening the Scope of Protection
Loss prevention is not just about asset protection but also about safeguarding patrons and colleagues. According to the 2022 National Retail Security survey, there were significant increases in guest-on-associate violence (77.6%) and organized retail crime (70.7%).

With incidents of violence and theft on the rise, expand your focus to include the physical safety of everyone within your retail environments through proactive prevention awareness, education and training. New standards for creating a secure shopping experience might include an anonymous “hotline,” visible notices, anti-theft signage and specialized face-to-face training for employees.

Take an Integrated Approach
Retailers face an ongoing battle against shrink, including losses nearing $100 billion due to retail crime, employee theft, fraud and other illegal activities. Today’s loss prevention strategies must be agile enough to tackle the sophisticated techniques employed by organized retail crime syndicates.

The good news is that security monitoring devices and analytics solutions are becoming more affordable, increasingly comprehensive and easy to implement at scale. Use open-platform technologies to streamline communication between these safeguards, which can quickly adapt to any updates or strategic shifts in your loss prevention ecosystem – whether leveraging a POS data analytics solution to track inventory discrepancies or facial recognition software to combat loss preemptively.

In essence, it is a transformative era for retail loss prevention. Innovative approaches like AI integration, industry collaboration, and a broadened focus on safety are revolutionizing how we protect assets and people. 

By navigating these tumultuous waters, the key takeaway for the retail industry is clear; success belongs to those who not only adapt but also lead the way in innovative loss prevention strategies that safeguard assets and the communities it serves.

This article originally appeared in the March / April 2024 issue of Security Today.

About the Author

James Lubary is the executive vice president, Retail, at Curacao Retail Stores.

Featured

  • Smarter Access Starts with Flexibility

    Today’s workplaces are undergoing a rapid evolution, driven by hybrid work models, emerging smart technologies, and flexible work schedules. To keep pace with growing workplace demands, buildings are becoming more dynamic – capable of adapting to how people move, work, and interact in real-time. Read Now

  • Trends Keeping an Eye on Business Decisions

    Today, AI continues to transform the way data is used to make important business decisions. AI and the cloud together are redefining how video surveillance systems are being used to simulate human intelligence by combining data analysis, prediction, and process automation with minimal human intervention. Many organizations are upgrading their surveillance systems to reap the benefits of technologies like AI and cloud applications. Read Now

  • The Future is Happening Outside the Cloud

    For years, the cloud has captivated the physical security industry. And for good reason. Remote access, elastic scalability and simplified maintenance reshaped how we think about deploying and managing systems. But as the number of cameras grows and resolutions push from HD to 4K and beyond, the cloud’s limits are becoming unavoidable. Bandwidth bottlenecks. Latency lags. Rising storage costs. These are not abstract concerns. Read Now

  • Right-Wing Activist Charlie Kirk Dies After Utah Valley University Shooting

    Charlie Kirk, a popular conservative activist and founder of Turning Point USA, died Wednesday after being shot during an on-campus event at Utah Valley University in Orem, Utah Read Now

  • The Impact of Convergence Between IT and Physical Security

    For years, the worlds of physical security and information technology (IT) remained separate. While they shared common goals and interests, they often worked in silos. Read Now

New Products

  • A8V MIND

    A8V MIND

    Hexagon’s Geosystems presents a portable version of its Accur8vision detection system. A rugged all-in-one solution, the A8V MIND (Mobile Intrusion Detection) is designed to provide flexible protection of critical outdoor infrastructure and objects. Hexagon’s Accur8vision is a volumetric detection system that employs LiDAR technology to safeguard entire areas. Whenever it detects movement in a specified zone, it automatically differentiates a threat from a nonthreat, and immediately notifies security staff if necessary. Person detection is carried out within a radius of 80 meters from this device. Connected remotely via a portable computer device, it enables remote surveillance and does not depend on security staff patrolling the area.

  • Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

    Connect ONE®

    Connect ONE’s powerful cloud-hosted management platform provides the means to tailor lockdowns and emergency mass notifications throughout a facility – while simultaneously alerting occupants to hazards or next steps, like evacuation.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.