7 Tips for Effective Retail Asset Protection with Computer Vision
I recently had the pleasure of moderating an online webinar with guest panelists Sue McMahon from Microsoft and Lauren Cevallos from Forrester. The hour-long session was filled with insights and best practices that retailers are applying when it comes to asset protection. The focus of the webinar shed light on the complexities of this dynamic sector, highlighting key takeaways that delve into the current challenges faced by retailers, the growing adoption of self-checkout systems, and the emergence of technologies like AI and computer vision. Let's explore these takeaways in detail below.
1) Addressing Current Challenges in High Traffic, High Risk Points: Retailers face numerous obstacles, from labor shortages to evolving customer expectations. Harnessing technology effectively is crucial to meet these challenges head-on. Comprehensive data and insights are also vital for tackling issues like shrinkage. Retailers today grapple with unique and complex challenges presented by high traffic, high risk points within their establishments.
2) Navigating Self-Checkout: Self-checkout systems are gaining popularity as a convenient option for customers. Striking the right balance between a seamless user experience and reducing friction in the checkout process is essential for successful adoption.
3) Exploring Computer Vision: AI and computer vision have the potential to revolutionize the retail industry. These technologies offer valuable insights into customer behavior, inventory management, and operational efficiencies. Overcoming implementation and scalability challenges is critical for integration into retail operations. In this era of technological advancement, computer vision AI emerges as the savior in the realm of self-checkout asset protection. The solution is elegantly simple yet profoundly effective: strategically mounting cameras at self-checkout stations, equipping them with deep learning computer vision models, and harnessing the power of AI to observe checkout activities and detect potential shrinkage.
4) Collaboration and Stakeholder Alignment: Bringing together diverse stakeholders in the retail industry is crucial for driving technological advancements. Collaboration helps articulate the business case for new technologies and resolve conflicting priorities. Aligning stakeholders allows for collectively navigating challenges and leveraging combined expertise for practical innovation.
5) Customizing Solutions for Retailers: A tailored approach that recognizes unique retailer needs is essential. A one-size-fits-all strategy no longer works. Retailers can develop and implement customized solutions by understanding specific challenges and objectives.
6) Varied Adoption of Automated Checkout: The adoption of automated checkout technologies varies across the retail spectrum. Piloting these technologies in diverse retail environments is essential for understanding their efficacy and appropriateness. These pilots provide valuable insights for informed decision-making.
7) Strategic Piloting and Demonstrating ROI: Strategic piloting of automated checkout technologies is vital for success. Focusing on use cases that demonstrate a clear return on investment (ROI) and scalability is critical. Retailers can justify investments and drive broader adoption by showcasing the benefits and potential for widespread implementation. This data-driven approach provides clear evidence of the benefits in terms of asset protection and profitability.
Thank you to Susan and Lauren for sharing industry and technology knowledge with our audience. As you may know, self-checkout systems and emerging technologies like AI-enabled computer vision offer opportunities to streamline operations and enhance customer experiences. Collaboration, customization, and strategic piloting are essential for navigating this evolving retail landscape. Retailers who adapt and innovate can position themselves for greater success in a constantly changing market.
If you’d like to access the recording to watch the entire session, please visit https://bit.ly/3LN340g.