According to the National Retail Foundation, businesses can lose up to 1,44% of their turnover to shrinkage thanks to one of these five sources: Employee theft, shoplifting, vendor fraud, paperwork errors and, worst of all, the unknown.
Retailers have to defend against product loss and shrinkage by constantly monitoring their stores or centres. And how can retailers monitor what they cannot see or predict? Therefore, deep learning technology in retail analytics plays an essential role in the retail industry today. It allows retailers to reduce expenses, improve their return on capital and manage their resources better.
Some of the practical applications of retail analytics using deep learning are:
- Store traffic management: Improve customer service by planning staff hours around peak times and optimise promotional strategies based on when a zone or the store will be busiest.
- Queue management: Improve business efficiency and increase customer satisfaction through managing the load at checkout points.
- Monitoring checkout transactions: Prevent product loss and shrinkage or fraud and track incoming and outgoing visitors.
James Gulliver said, “Retail is detail” and we couldn’t agree more. Today, more than ever, retailers need to be on top of what is happening in their stores. Not only to prevent crime but to make smarter decisions regarding their strategies. One way to achieve this is by using deep learning technology and intelligent video.
By utilising these amazing technologies, retailers can monitor their customers’ activity and traffic in the stores, improve operational efficiency and protect their property, staff and customers. And the benefits of applying these technologies show in increased customer satisfaction, more effective promotions, reduced theft and fraud and improvements in store layout.
Now, you can have it all by using one smart surveillance system – the IMC. The IMC Retail Analytics and Integration Solution perform tasks such as crowd control and proactive monitoring of cashiers and customers at the point-of-sale with intelligent video.
The video continuously records a cashier’s workspace and combines this information with point-of-sale transaction data to prevent fraud or theft by the cashier or customer. Amongst other features, this solution allows you to identify and prevent unauthorised alterations, substitutions, cancellations, and forgeries.