Helping Retailers Roll Back Losses
With shoplifting and related crimes on the rise, merchants of all sizes are leveraging anti-theft technologies to mitigate their losses. The uniqueness of the retail space can be demanding, but installing security contractors with the right stuff can reap rewards.
The transition to DVRs was a big step up from VCRs, but the latest technology, the NVR, or network video recorder, has taken everything to an even higher level. NVRs record directly to the network and servers. There the video can be effectively analyzed and stored.
As for monitoring, it only makes sense that centralizing loss prevention operations is more effective, efficient and a better use of resources. Remote monitoring allows for that kind of centralized operation. Using the network, video can be collected and recorded locally and at the same time sent to a centralized location were it can be analyzed and stored.
Loss prevention personnel or management can view activities at any store location from anywhere in the world using a password and a secure Internet connection. This type of centralized access allows loss prevention and retail forensic specialists to maximize their time and expertise.
Point-of-Sale Software
Cameras and recorders are not the only technologies doing some heavy duty analysis; so is exception-based point-of-sale (POS) software. This specialized retail software takes thousands of transactions at a time and analyzes them across a variety of preselected key performance indicators or KPIs. It can help drill down to study trends and identify anomalies.
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For instance, the software can very quickly analyze return trends on a chain-wide basis, regionally, locally or by specific sales associate. It can tell if certain products are being routinely returned or if an employee is handling an unusual number of returns.
This type of software provides the retailer and loss prevention specialist in particular with an excellent view of operations. It also has great flexibility so that it can be individualized for retailers based on the specific business intelligence they need. POS software quickly provides information that the retailer can use to make changes or adjustments that can positively affect sales and profits.
Tying It All Together
Retailers have to constantly improve their game and stay ahead of the criminals, so there is a lot of interest in newer technologies and integrated solutions. When all of the systems are working in concert they provide the retailer with an exceptional view of their business operations on every level.
When the EAS tags and alarms, cameras, recording, remote monitoring and software systems are all integrated it provides an in-depth picture of the business and its operations. That type of information can be used to make adjustments in everything from staffing levels to display placement or even store layout.
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ROI in Retail Security
Some loss prevention professionals have said that a security system can pay for itself within nine months to a year. Of course, each installation is unique unto itself with differing results and outcomes. But as systems have become more sophisticated — adding more cameras, video analytics and other software programs — the value of the security infrastructure has moved beyond simple security.
Cameras and analytics can be leveraged to provide retailers with a host of information that can help with staffing levels, marketing and day-to-day operations. The loss prevention and security tools not only limit theft and crime, but they also provide benefits throughout the business.
For example, analytics-equipped cameras can determine how long customers spend looking at a promotional displa
y, if a customer takes an item off the display shelf, and if all of the items taken off the shelf were paid for at the cash register. So, it lets the retailer know which displays are getting attention, if that attention is resulting in a purchase, and if any of those items are being lost in the store or shoplifted. That is powerful information that provides retailers a view into their customers’ shopping habits.
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