The global retail industry suffers from $100B in shrink — financial loss due to missing revenue, wasted inventory, stolen goods, or improper accounting — every year. It historically has been a major pain point for retailers. To combat this issue, retailers have begun to implement various loss prevention strategies, including video surveillance and additional policies to control the shrink. While most retailers have seen success from these measures, in particular, large retailers are turning to artificial intelligence (AI) and machine learning (ML) to support their efforts. By embracing these advanced technologies, retailers can predict fraudulent behavior in the forms of shoplifting, internal theft, administrative errors, and more. Therefore, providing a more proactive approach to reduce retail shrink and loss. Topher Cramm with Stanley Security discusses why shrinkage is increasing and how AI can help mitigate the problem.
Topher Cramm is the Sr National Account Manager at STANLEY Security & an RLPSA Board Member.
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