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With Black Friday Coming Up, Retailers Are Better Off Using AI to Combat Theft
- AI-based solutions are better equipped for the busy Black Friday days where people will be in a rush to leave and having employees standing at the store exit to check people's receipts may create long lines.
- Sam's club uses AI exit scanning technology to verify customer sales, which has reduced wait times for customers, a preferred shopping experience for customers.
- According to an estimate, the market value of AI products in retail was about $5 billion, and it is expected to grow in this decade.
- Corsight AI has developed AI tech that can detect employee preferentiality and unusual behavior by analyzing whether customers stand too close to employees for an extended period. The system informs decision-makers if there is any red flag.
- Everseen creates AI tech to help reduce self-checkout theft. It monitors tens of millions of daily customer interactions and provides near-real-time prompt analytics.
- Wild Duck Wine & Spirits in Boston uses an AI product that checks shoppers' gestures on all 24 of its security camera feeds to evaluate suspicious movements associated with shoplifting and notifies employees 15 seconds afterward.
- Instead of depending on classic security and surveillance technologies, retail industries can benefit from using AI solutions to minimize theft and improve their business operations.
- Retail leaders need to select the appropriate tools and learn how to use them effectively to reduce theft and security risks in their stores.
- AI solutions are vital, especially in the holiday period when many retailers and customers flock into stores to buy goods.
- The market shows that AI applications have lucrative potential in the retail industry.
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