Adapting to See Change

  • By James Lubary
  • Mar 25, 2024

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

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

  • Achieving Clear Audio

    In today’s ever-changing world of security and risk management, effective communication via an intercom and door entry communication system is a critical communication tool to keep a facility’s staff, visitors and vendors safe. Read Now

  • Beyond Apps: Access Control for Today’s Residents

    The modern resident lives in an app-saturated world. From banking to grocery delivery, fitness tracking to ridesharing, nearly every service demands another download. But when it comes to accessing the place you live, most people do not want to clutter their phone with yet another app, especially if its only purpose is to open a door. Read Now

  • Survey: 48 Percent of Worshippers Feel Less Safe Attending In-Person Services

    Almost half (48%) of those who attend religious services say they feel less safe attending in-person due to rising acts of violence at places of worship. In fact, 39% report these safety concerns have led them to change how often they attend in-person services, according to new research from Verkada conducted online by The Harris Poll among 1,123 U.S. adults who attend a religious service or event at least once a month. Read Now

Most   Popular

New Products

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.

  • QCS7230 System-on-Chip (SoC)

    QCS7230 System-on-Chip (SoC)

    The latest Qualcomm® Vision Intelligence Platform offers next-generation smart camera IoT solutions to improve safety and security across enterprises, cities and spaces. The Vision Intelligence Platform was expanded in March 2022 with the introduction of the QCS7230 System-on-Chip (SoC), which delivers superior artificial intelligence (AI) inferencing at the edge.

  • 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.