Retail stores deal with many issues in their day to day operations, one of them being retail shrink. Retail shrink has only increased over the years. In 2019 alone there was an excess of $50 billion in losses. Electronic security plays a major role in reducing shrink most notably the installation of surveillance cameras and Public View Montitors (PVM’s) and the integration of these products with POS stations. Unit shrink was reduced by 107% from surveillance video alone. According to data provided by the Loss Prevention Resource Council, retail stores saw a Return On Investment in just under six months after installing a video surveillance system and within three years of installing a public view monitor. Shoppers and employees alike felt a peace of mind and comfort knowing security was in place. The future of video surveillance in retail in the coming years will be the implementation of AI Intelligent Video analytics and VSaaS. Some of these analytics include: people counting, foot traffic patterns, dwell time, POS integration, facial detection with benefits including:
- How many customers are waiting in line, and how long on average they are waiting. This data can help a business determine if they need to hire more staff, or perhaps just add another employee on their busiest days.
- Which of their retail locations see the greatest number of visitors and what date and time each person visited. By comparing this information with POS data, retailers can calculate conversion rates to learn if everyone who visited their business actually purchased something.
- Which employees sell the most of which products, to evaluate promotional success and reward high-performing associates.
- “Tagging” this video data for future reference.
In 2020 there will be a big change in how video surveillance will take part in the Retail vertical. We understand Loss Prevention is a critical part of retail business success. Let us help you tailor a security solution specific to your needs to optimize store operations.