48% of Retailers Report an Increase in Inventory Shrinkage
Discover how updated video surveillance technology can make all the difference between losing your shirt and selling it.
Discover how updated video surveillance technology can make all the difference for your customers between losing their shirt and selling it.
Over the past few decades, video surveillance has played an important role in protecting people and assets within retail environments. Even from its humble beginnings, in the age of simple analog CCTV systems with quads, multiplexers, and VCR tape recorders, video data quickly proved itself as a valuable loss prevention tool in combating shrinkage and providing indisputable investigative evidence.
And today, within such a digital world with so many advancements in IP camera technology, network infrastructure bandwidth, video compression, increased server and processing power, the Internet, Cloud services — it would be expected that the use of video in retail would have made equivalent strides forward. But that does not seem to be the case.
According to the National Retail Federation’s 2016 National Retail Security Survey, the impact of shrinkage on the retail industry continues to be sizeable. Over 48% of retailers surveyed reported increases in overall inventory shrink, and for the second year in a row, shoplifting has surpassed employee theft as the greatest cause of inventory shrinkage. Yet many retailers have not yet upgraded their antiquated video surveillance systems.
Recent industry surveys show some surprising results:
- Analog remains the dominant camera technology
- DVRs remain the most common video management system
- Video is most often used for investigative purposes
- There is a mixed level of interest in video analytics