It is critical for retailers to understand the potential losses they can incur at each step of the O2C cycle. This helps retailers to better focus their loss prevention efforts, optimize processes, and implement effective controls to mitigate these losses.

"I can say that there's active conversations about closing stores right here in Vancouver." – Clint Mahlman, President and COO, London Drugs, in Global News, 2023.

Cargo is at risk of being stolen at multiple points in the supply chain. This is especially prevalent when cargo is at rest at key nodes of the supply network such as distribution centers, inspection centers, loading/unloading points, and at retail locations.

We produce unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. We partner closely with IT teams to provide everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Since this solution works with legacy equipment, Kroger was able to rapidly scale its initial deployment to over 1,700 stores.

The system will flag these problems and prompt the customer while simultaneously informing a store associate on their mobile device so they can intervene and rescan the item.

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Given the success of this platform, Kroger has decided to employ other AI-enabled technology such as front-door face watching technology, camera monitored back-door delivery areas, and license plate recognition in their parking lots.

Riskified's solution was also able to reduce false-positive callbacks by over four times, thus continuing to maintain Wayfair's objective of 0% friction due to fraud reviews.

Retailers are highly concerned about the impact of organized retail crime (ORC) and theft on their customers and employees. Approximately 80% of retailers feel that the violence and aggression associated with ORC incidents increased in the past year.

Target saw a 120% increase in theft incidents involving violence in 2023. Target warned that inventory shrinkage would reduce profits by more than $500 million.

Neiman Marcus is a privately owned luxury goods retailer headquartered in the US. Neiman Marcus has 36 location across the US and brings in revenue exceeding $5 billion annually.

Wayfair Inc. is an e-commerce company that sells home goods online in many major international markets. Wayfair is headquartered in Boston, Massachusetts and operates a complex international logistics and infrastructure network to fulfill orders from over 20,000 global suppliers.

Robovision's technology was a significant step in digital advancement for Colruyt, making the checkout process more efficient and reducing the workload for sales employees.

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The vast selection that Wayfair offers has resulted in many years of hypergrowth for the company. They have a large internal fraud team that manually reviews up to 10% of all orders placed on the site.

AI then draws insights from historical transactions and takes decisions in near real time. Data is used to continuously train Riskified's decision models to improve their chances of identifying false declines.

Wayfair chose to partner with Riskified to start by reviewing their declined orders. Wayfair was impressed with Riskified and soon expanded their partnership to use AI and manage fraud for all their US orders.

"[M]ajor retailers are teaming up with technology companies to develop and deploy next-generation video surveillance systems, facial-recognition cameras, license-plate and vehicle readers, autonomous security robots, radio-frequency identification (RFID) tags, smart case locks and predictive analytic software. While versions of this type of security tech have been in place for years, they're now being superpowered by AI." – CNBC, 2023.

Managing innovation and continuing to explore opportunities to apply technological advancements to prevent inventory loss and theft.

Embracing AI can help retailers and wholesalers analyze operational patterns to predict and proactively prevent mounting losses from theft, fraud, damage, wastage, and stockout while continuing to enhance customer experience across channels.

The Caledonia store decided to upgrade their cameras to Hanwa's latest models to leverage the Solink platform's additional capabilities related to behavioral and conversion analytics.

For every $100 in returned merchandise accepted, retailers lose $5.90 to return fraud (National Retail Federation, 2020).

This camera automatically recognizes different kinds of fruits and vegetables when customers place them on the scale. The system proposes the right label to the customer, who then confirms the selection on a tablet.

Retailers are seeing higher levels of violence in instances of retail theft and are also reporting an increase in e-commerce fraud, returns fraud, and loyalty fraud. Retailers are increasing investments in trained personnel, security budgets, and emerging technologies while also partnering with law enforcement at all levels.

"Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire. Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category." – David Johnston, VP of Asset Protection & Retail Operations, National Retail Federation, in National Retail Federation, 2023.

Colruyt faced challenges in speeding up checkout times, especially for products like fruits and vegetables that do not have barcodes.

Everseen's AI runs on Lenovo's Edge AI servers. Video footage from SCOs is analyzed in real time to identify when a customer has not scanned a product or moved the barcode from a cheaper to a more expensive product.

Info-Tech recognizes the value of adopting AI in retail and wholesale. AI can help get a handle on losses by enabling not only immediate response to incidents as they happen but also a more proactive, preventative approach.

With the increase of self-service checkouts, Kroger noticed an increase in losses due to missed scans and product switching. To address losses from these actions, Kroger decided to turn to AI.

Inventory shrinkage is one of the highest contributors to a retailer's overall loss. Shrinkage results from criminal activities, fraud, wastage, obsolescence, damage, and discounting. Shrinkage is putting a dent in retailer margins and profits and the impact of these losses are being seen by retailers of all segments, sizes, and locations.

Retailers have begun researching, piloting, and implementing AI-led emerging technologies for loss prevention purposes. While electronic article surveillance (EAS) systems continue to be the most widely implemented anti-theft technology, retailers have begun looking into the viability of implementing AI-led facial recognition, feature matching, behavioral analytics, vision systems, and other solutions.

Implementing AI solutions raises privacy concerns and ethical questions about surveillance and consumer rights, leading to issues with legal compliance.

The average shrink rate rose to 1.6% in FY2022, representing $112.1 billion in losses, up from $93.9 billion in 2021 (National Retail Federation, 2023).

Once used mainly by law enforcement, ordinary citizens now have access to smaller, cheaper versions of body cameras to help them feel safe in dangerous situations. Julie Taboh shows us how in this week’s episode of LogOn.

Loss prevention practices are put in place by retailers to preserve margins, profitability, and, in some cases, their brand reputation. Understanding and identifying sources of loss is critical for retailers to ensure they provide their customers with a safe shopping experience and continue to function in a viable, profitable manner.

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The technology continually improves with each interaction, resulting in faster, more accurate product recognition and quicker checkouts for customers over time.

Many retailers are experiencing such high levels of violent theft that they are left with no choice but to close several affected stores. Additionally, retailers are also taking immediate actions to curb the impact of rising crime by limiting products available in stores, locking commonly stolen goods behind protective displays, and reducing operating hours.

As new digital systems came online, Pres Les had to deal with phishing attacks, ransomware, and other cyberattacks that could not be handled using native Microsoft 365 security capabilities.

Given the Centric platform's user-friendliness, its use was expanded by Neiman Marcus to cover all of their categories and competitors.

Pres Les embarked on a massive digital transformation initiative that included new service delivery tools, a new website, extensive cloud infrastructure, and other digital innovations.

Based on the success of the PoC, Pres Les decided to implement Ironscales' AI-enabled email filtering and advanced phishing detection capabilities.

In their quest to provide their customers with a quick, easy, and convenient experience in-store, Kroger has been expanding its use of self-service checkouts (SCOs) throughout the US.

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The manual process of typing codes for these products at the checkout was time-consuming and could lead to confusion, queues, and delays.

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Loss from shrinkage, fraud, theft, damage, and stockouts are costing the industry billions of dollars annually. This is a persistent problem that has been plaguing retailers and wholesalers for years. By embracing AI, retailers can not only enhance their loss prevention strategies but also ensure a safer environment for their employees and customers. AI's ability to detect patterns and anomalies is pivotal in addressing potential threats. Additionally, using technologies like motion detection and computer vision, AI proactively responds to suspicious activities or breaches in security protocols. This approach is a game changer, enabling retailers to address threats before they escalate into significant losses.

AI has had a transformative impact on retail and wholesale. Advanced analytics and insights offered by AI provide retailers with an unprecedented level of understanding of in-store and warehouse activities. Adoption of AI-based solutions is a necessary step toward survival and profitability in the competitive retail landscape.

With Everseen's AI solution, Kroger was able to flag and correct over 75% of checkout errors without involving a store associate. This resulted in a direct reduction in retail shrink.

The Colruyt Group is a privately owned chain of stores that includes supermarkets, organic groceries, online shops, bakeries, toy stores, gas stations, and apparel stores. The brand is headquartered in Belgium and brings in over EUR$10 billion in revenue annually.

This tool will help identify functions at risk based on current loss prevention solution stack maturity and compare that with the occurrence and frequency of loss scenarios specific to the function under consideration.

Dick's Sporting Goods cut full year earnings per share targets by 10% due to high levels of inventory shrinkage from organized retail crime and theft.

Ironscales continuously runs in the background and blocklists suspicious emails, allowing users to safelist the correct ones if not identified by AI. Since deploying Ironscales, Pres Les' IT team is spending less time dealing with these attacks and instead are focusing on more productive activities.

This research highlights how advanced technologies like AI, machine learning, and sophisticated surveillance systems can transform traditional retail operations, specifically focusing on enhancing loss prevention strategies to ensure retailers and wholesalers continue to operate in a safe and competitive manner.

AI can not only help get a handle on losses by enabling immediate response to incidents as they happen, but also take a more proactive, preventive approach.

Colruyt collaborated with Robovision to develop an AI-based system involving a "deep learning" smart camera installed above the checkout scales.

Embracing AI can help retailers and wholesalers analyze operational patterns to predict and proactively prevent mounting losses from theft, fraud, damage, wastage, and stockouts while continuing to enhance the customer experience across channels.

The actual dollar loss associated with shrink is likely greatly underreported, since 78% of respondents do not include e-commerce goods loss in their shrink calculation, and 57% do not include supply chain loss or theft (National Retail Federation., 2023).

Kroger chose Everseen's Visual AI platform that uses high resolution cameras, computer vision, and AI developed on Nvidia's Accelerated Computing Platform. The Everseen solution can intelligently intervene when problems occur at the SCOs.

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Pres Les is a 50-year-old South African direct-to-consumer sales company that sells luxury bedding, home accessories, and cookware.

Neiman Marcus had a team managing pricing functions that had to manually manage markdowns across tens of thousands of SKUs. The team had to manually scrape competitor websites for pricing intelligence on each individual item. This process was too slow, costly, and inefficient.

"This is traumatizing for our associates and is unacceptable. … We are doing everything we can to try to create as safe as possible environment." – Corie Barry, CEO, Best Buy, in The Daily Mail, 2023.

Significant investment required for advanced AI systems can be a major barrier, particularly for medium and small enterprises.

Pres Les employees had to deal with a large volume of emails from customers, suppliers, and consultants. Some of this communication included proof-of-payments and other business-critical communication. Pres Les partnered with BDO and Ironscales to deploy a proof of concept (PoC) which was overwhelmingly successful.

Solink provided a modern system that could integrate with Canadian Tire's existing hardware and provide more functionality:

Riskified's solution uses AI for analysis of comprehensive data including device data, behavioral insights, past chargebacks, e-commerce activity, and known fraud patterns.

Each call will focus on explaining the material and helping you to plan your project, interpret and analyze the results of each project step, and set the direction for your next project step.

Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.

Robovision's solution could successfully identify over 97% of the products correctly. This not only sped up the checkout process, but also enhanced customer experience at the checkout counter.

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"Artificial intelligence (AI) emerged as a primary driver of holistic LP programs, which explains the sudden boom in popularity this approach has experienced. It seems AI is the latest piece of the LP puzzle, providing the context retailers need to elevate the deterrence value of their connected systems and safeguard their operations for a new era." – "AI Is Transforming Loss Prevention," RIS, 2023.

A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your IT problems.

When Wayfair saw an unprecedented increase in order volume during the pandemic, Riskified was able to help them reduce their chargeback rate by 50% to 60%.

The store could now accurately track the number of visitors and their purchasing behaviors. This led to more informed decisions regarding store layout, product selection, and customer service tactics, ultimately impacting the store's revenue positively.

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Kohl's, Dollar Tree, Home Depot, and Academy Sports & Outdoors all reported impact on gross margins from inventory shrinkage.

The Kroger Company operates supermarkets and department stores throughout the US. Kroger is headquartered in Cincinnati, Ohio with a revenue of $100+ billion from over 2,500 stores.

Ethical concerns regarding privacy and the potential for false positives in AI-based systems necessitate a careful and responsible approach toward implementing these technologies. However, AI's role in revolutionizing retail and wholesale loss prevention is undeniable. This research highlights the importance of AI in retail and presents compelling reasons for its wider adoption for loss prevention in the industry.

Canadian Tire, particularly the Caledonia store, faced challenges with their traditional DVR security system. This included the difficult process of retrieving video footage for law enforcement and the inability to efficiently analyze customer behavior in the store due to limitations in existing technology.

"It's a real challenge for the industry right now, and it's not clear how quickly it's going to go away." – Joe Feldman, Managing Director, Telsey Advisory Group, in Investor's Business Daily, 2023.

Info-Tech Research Group is the world’s fastest-growing information technology research and advisory company, proudly serving over 30,000 IT professionals.

Neiman Marcus first tested the system with a few categories and a couple of competitors. They leveraged Centric's Product Matching module which helps compare the SKUs that Neiman Marcus carries with products from their competitors and execute like-for-like price matching and discounting. The tool was able to analyze trends to ensure that Neiman Marcus was doing assortment the right way, resulting in more buying conversion.

Canadian Tire is a well-known Canadian retail company specializing in automotive, hardware, sports, leisure, and housewares sales. Canadian Tire is headquartered in Toronto, operates over 2,000 stores across eight different brands, and brings in over Can$17 billion in revenue annually.