Page 44 - Security Today, March/April 2024

Adapting to See Change By James Lubary
Imagine a retail world rapidly trans- forming, a landscape where the tradi- tional brick-and-mortar model faces the relentless tide of e-commerce. Well, there is no need to imagine as this is 2024, where market losses surpass $112 bil- lion, and the term “retail apocalypse” is not just hyperbole but a stark reality.
When the industry is closing more physical doors across the nation, it may smell like doom for the traditional model. However, amidst these shifts, opportuni- ties for innovation in loss prevention have never been more significant. And instead of only seeing the obstacles, here are pin- pointed areas of potential innovation to combat retail losses.
Integrating AI into loss prevention strategies can help retailers identify and mitigate theft preemptively. Technologies like AI-monitored self-checkout systems, embedded RFID sensors and remote de- activation of electronic products not only help automate loss prevention but can also improve customer experience.
Leveraging AI-driven analytics to gain insights into potential risks enables us to act before the loss occurs—not just
“The good news is that security monitoring devices and analytics solutions are becoming more affordable, increasingly compre- hensive and easy to implement at scale.”
respond to it.
Loss prevention is not just about as-
set protection but also about safeguard- ing patrons and colleagues. According to the 2022 National Retail Security survey, there were significant increases in guest- on-associate violence (77.6%) and orga- nized retail crime (70.7%).
With incidents of violence and theft on the rise, expand your focus to include the physical safety of everyone within your retail environments through proac- tive prevention awareness, education and training. New standards for creating a se- cure shopping experience might include an
anonymous “hotline,” visible notices, anti- theft signage and specialized face-to-face training for employees.
Retailers face an ongoing battle against shrink, including losses nearing $100 billion due to retail crime, employee theft, fraud and other illegal activities. Today’s loss prevention strategies must be agile enough to tackle the sophisticated techniques em- ployed by organized retail crime syndicates.
The good news is that security moni- toring devices and analytics solutions are becoming more affordable, increas- ingly comprehensive and easy to imple- ment at scale. Use open-platform tech- nologies to streamline communication between these safeguards, which can quickly adapt to any updates or strategic shifts in your loss prevention ecosystem – whether leveraging a POS data analytics solution to track inventory discrepancies or facial recognition
software to combat loss preemptively.
James Lubary is the executive vice president, Retail, at Curacao Retail Stores.
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