According to the National Retail Security Survey from 2023, the average retail shrink rate increased to 1.6%, up from 1.4% in the year before. That represents $112.1 billion in losses in 2022, 65% of which were caused by theft, including organized retail crime (ORC). These alarming statistics call for immediate action and cutting-edge solutions that prevent shoplifting and increase the security and safety of employees and customers.
Paul Gain, President of RaptorVision, a video analytics and data software development company, emphasized the need for innovative solutions to minimize the retail industry’s crime and safety issues in the US and worldwide. Gain and RaptorVision’s CEO, Scott Mullins, developed a purpose-built, event-based product engagement platform for merchandise institutions to address the pressing needs of retail workers.
RaptorVision’s product engagement platform is designed to enhance the customer experience, improve employee safety, and increase profits. It provides invaluable insight into customer interactions with products and detects suspicious actions in real-time, focusing solely on behavior and product engagement events. The platform is easy to implement, cost-effective, and enables multi-location retail operations to exchange actionable data efficiently.
RaptorVision’s platform aims to increase workers’ safety by enabling employees to receive real-time push notifications about a crime from a safe digital distance. It also offers data capture and aggregation, crime report generation, and product engagement-based analysis via a dashboard that spans multiple locations. Utilizing Artificial Intelligence (AI) and Machine Learning (ML) technologies, RaptorVision provides an end-to-end integrated solution for retailers grappling with the hurdles of retail operations.
Gain expressed the urgency of addressing the increasing violence and greed of shoplifters, posing a serious threat to employees and customers. RaptorVision’s new platform is seen as an innovative solution to these challenges, providing valuable product engagement data and actionable insights not previously available to operators.
2024-03-26 05:00:03
Original from www.ibtimes.com