Shoplifting is a major problem for retailers in the United States, costing American stores an estimated $94.5 billion in 2021 according to the National Retail Foundation. This is a significant burden on retailers, representing approximately 1.4% of retail revenue. To combat shoplifting, retailers are increasingly turning to technology for help.
One way technology is being used to combat shoplifting is through the use of security cameras and other surveillance technologies. These can be used to monitor store activities and identify potential shoplifters, allowing retailers to take action before theft occurs. In addition, many retailers are using facial recognition software to identify known shoplifters and prevent them from entering their stores.
Another way technology is being used to combat shoplifting is through the use of security tags and other types of electronic article surveillance (EAS) systems. These systems use electronic tags or labels attached to products to alert store personnel if an item is being removed from the store without being properly paid for. These systems can also be linked to security cameras and other surveillance technologies, allowing retailers to quickly identify and apprehend shoplifters.
In addition to these more traditional technologies, retailers are also turning to newer technologies such as artificial intelligence (AI) and machine learning to combat shoplifting. For example, some retailers are using AI-powered security systems that can analyze security camera footage in real-time to identify potential shoplifting activity. These systems can also be programmed to learn from past incidents and improve their ability to detect and prevent future shoplifting.
Overall, technology is playing a key role in helping retailers combat shoplifting. By using security cameras, EAS systems, and AI-powered technologies, retailers can more effectively identify and prevent shoplifting, protecting their profits and ensuring the safety of their employees and customers.