The National Retail Federation recently released their annual National Retail Security Survey (NRSS). In 2023, retailers saw the number of shoplifting events involving violence increase by over one-third (35%) on average.
It’s raining new problems when it comes to security and loss in retail: from rising threats of organized retail crime to growing violence, homelessness and ecommerce fraud. It’s no surprise that we’re seeing investments in physical security technologies jump significantly, with the trend expected to continue. Among Telaid customers, investments in physical security technologies jumped 28% from 2020 and 2021 and are on track to jump another 29% from 2022 to 2023. (Check out our report, 5 Trends Driving Lightspeed Retail Transformation, for more details.)
As retailers prioritize investments in physical security technologies, they should be mindful of how they can simultaneously deliver security and operational benefits. Consider some examples.
Computer vision reduces loss
Computer vision technologies can be deployed at self-checkout locations to reduce losses associated with purposeful and unintentional activities. By identifying items automatically and with complete accuracy, computer vision eliminates the risk of miskeys or mis-scans, which often result in loss. It can also alert store management of suspicious customers or known shoplifters. At the same time, the technology reduces the need for associates to monitor self-checkout kiosks and reduces friction associated with the item scanning process.
Voice communication technology enhances safety
Connecting employees helps create a safer environment that communicates risk for early action and helps employees feel connected as a team. Voice communication technology allows associates to instantly alert management and/or the entire team in case of a problem so that they can receive backup. The store can communicate urgent instructions to the team in case of an emergency. At the same time, voice communication technology empowers employees to communicate in real time to respond to customer inquiries, receive instructions and place orders instantaneously on the customer’s behalf.
RMM software increases dependability
Remote monitoring software (RMM) is essential for ensuring security devices on the network are fully operational. As LP/AP technologies become mission critical, a malfunctioning camera, access control panel or alarm can be devastating in today’s day and age. RMM also relieves the burden on IT and LP/AP teams, returning valuable time to them that may otherwise be spent troubleshooting or traveling on-site to correct a problem that can now we corrected remotely online.
I’d encourage LP/AP teams to brainstorm how technologies that are already deployed across their stores can be leveraged to enhance security and prevent loss. If you need some help brainstorming ideas, Telaid is here to help! Connect with me on LinkedIn to start a conversation or meet in person at the NRF Big Show coming up in January.
