23 Mar Preventing theft while enhancing productivity – modern video technology
Retailers use a number of different technologies to support a reduction in theft – for example, cameras, alarms, video analytics and access control technologies. In times when every dollar counts, investing in better technology for long-term benefits pays off significantly.
Changes in the retail environment have made the security landscape more complex. Customers have access to more choice than ever before, with technology always at their fingertips. Mobile payments have become commonplace, and self-checkouts are increasingly popular. However, despite the increased efficiencies, the self-checkout trend has been linked to a subsequent increase in stock shrinkage. Again, a combination of situational awareness and security technologies can help measure the impact of this trend, and provide deep insights into consumer behaviour patterns that might be having an impact.
There are video cameras available for every possible requirement in the modern security industry, and each has a role to play. The position of the camera, its field of view and resolution are all integral to finding the perfect, tailored solution for an individual premises.
Such video and security technology is not only useful in deterring register theft, but can also play a role in new, automatic-payment stores of the future such as those being trialled overseas.
Furthermore, the same technology that deters theft can also be critical in productivity gains, by providing analysis of product stock levels in store.
To quantify these points, consider this: NRF reports that the average shrink rate in 2021 was 1.4%. When taken as a percentage of total retail sales, shrink represents $94.5 billion in losses.
Coupled with this, according to a NielsenIQ analysis of on-shelf availability, empty shelves cost U.S. retailers $82 billion in missed sales in 2021 alone.
Bear in mind that in-store and online app-users are competing for the same product. Arming staff with as many strategic advantages as possible can make a big difference.
Therefore, it makes perfect sense to use the same technology that secures a store from theft, for automated checking on stock levels, and sending alerts to staff if shelf levels get low. This includes factors such as:
- Hours of productivity gained back
- Restocking more efficiently
- Reduced time gap between detecting an empty shelf and restocking