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

  • Maximizing Your Security Budget This Year

    Perimeter Security Standards for Multi-Site Businesses

    When you run or own a business that has multiple locations, it is important to set clear perimeter security standards. By doing this, it allows you to assess and mitigate any potential threats or risks at each site or location efficiently and effectively. Read Now

  • Getting in Someone’s Face

    There was a time, not so long ago, when the tradeshow industry must have thought COVID-19 might wipe out face-to-face meetings. It sure seemed that way about three years ago. Read Now

    • Industry Events
    • ISC West
  • Live From ISC West 2024: Post-Show Recap

    ISC West 2024 is complete. And from start to finish, the entire conference was a huge success with almost 30,000 people in attendance. Read Now

    • Industry Events
    • ISC West
  • ISC West 2024 is a Rousing Success

    The 2024 ISC West security tradeshow marked a pivotal moment in the industry, showcasing cutting-edge technology and innovative solutions to address evolving security challenges. Exhibitors left the event with a profound sense of satisfaction, as they witnessed a high level of engagement from attendees and forged valuable connections with potential clients and partners. Read Now

    • Industry Events
    • ISC West

Featured Cybersecurity

Webinars

New Products

  • 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. 3

  • Mobile Safe Shield

    Mobile Safe Shield

    SafeWood Designs, Inc., a manufacturer of patented bullet resistant products, is excited to announce the launch of the Mobile Safe Shield. The Mobile Safe Shield is a moveable bullet resistant shield that provides protection in the event of an assailant and supplies cover in the event of an active shooter. With a heavy-duty steel frame, quality castor wheels, and bullet resistant core, the Mobile Safe Shield is a perfect addition to any guard station, security desks, courthouses, police stations, schools, office spaces and more. The Mobile Safe Shield is incredibly customizable. Bullet resistant materials are available in UL 752 Levels 1 through 8 and include glass, white board, tack board, veneer, and plastic laminate. Flexibility in bullet resistant materials allows for the Mobile Safe Shield to blend more with current interior décor for a seamless design aesthetic. Optional custom paint colors are also available for the steel frame. 3

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation. 3