By Ralph Crabtree, CTO of Brickstream
We all know that “shrinkage” is no joke – current research estimates that shoplifting and other forms of fraud cost retailers more than a hundred billion annually. And while the use of security cameras for loss prevention purposes is widespread, pinpointing incidents worth investigating can be a painstaking process, and some activities, such as return fraud and “sweethearting” at the register, are notoriously difficult to detect. Is there more that retailers can be doing to combat shrinkage? Hiring more resources to monitor security video and patrol store aisles is not necessarily practical, or even desirable, but technologies for in-store data collection and analysis may offer a better way. Imagine being able to identify suspicious behaviors before they result in a loss, or automating activities like video monitoring so that loss prevention isn’t so time consuming and labor-intensive. Here’s how newer in-store analytics technologies that look for human behavior patterns can help retailers more effectively and accurately spot red flags, and take action to address and prevent inventory loss.
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