AI and shoplifting: How retailers are fighting shrink to increase profits
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- Опубликовано: 17 мар 2024
- In response to the escalating challenge of retail shrink, which rose to over $112 billion in 2022, retailers including Target (TGT), Walgreens (WBA) and Home Depot (HD) are investing in AI-powered technology. The goal? To preserve a good shopping experience while also fighting theft, a problem that’s impacting margins and causing safety concerns. The scope of the theft problem is hard to measure, though mentions of organized retail crime rose by 43% on earnings calls in the first half of 2023. To find clarity on this issue, Yahoo Finance explores a first of its kind, AI-driven heat map that could empower retailers to share real-time crime data with each other, and gets an exclusive look at the Department of Homeland Security’s response to the rise in organized retail crime, which they say is about much more than petty shoplifting.
#youtube #shopping #ai
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I heard that in many states the people who are arrested for crimes like this are let go the same day. What’s the point?
That's the problem, of course.
Ai: I found patterns.
Great! Let's see-- No! not those patterns!
We need laws to enable police to face this issue. There should be very serious charges to stop them.
one problem that Amazon doesn't have.
Bet they do
They've got their issues like trailers being broken into and robbed. What could be worse than smash-and-grab is an Insider employee who steals every day.
This was already there in 2013
AI can play a role in preventing shoplifting through various means like video surveillance, smart shelves, and predictive analytics to detect suspicious behavior. It can analyze patterns and behaviors to alert staff or security before a theft occurs.
And with a hands off approach you can watch the product predictably leaving the store
Hands-off approach. If a crime happened next door and is coming to your store what can you do to stop it if your hands are tied?
The entrance and exit, like the door on a vault is the key.
Long and cavernous with Vault strength doors that lock automatically when a thief is trying to escape. Trapped in the entrance exit secure room. And District Attorneys have to prosecute.
Members only is another way to know who's coming in and control what is flooding out of the door.
New stores with virtual product on the Shelf. Robotic warehousing presents the real product after it's been paid for, giant vending machines. Perfect for grocery stores.
Some AI systems can also track inventory in real-time, helping to identify discrepancies that may indicate theft. Additionally, facial recognition technology can be used to identify known shoplifters or individuals with a history of theft, enhancing security measures. However, there are ethical concerns regarding privacy and potential biases that need to be addressed when implementing such technologies.
Quick! Call the national guard!!
Good work Yahoo Finance.👍
Scott Adams
AI technology has advanced significantly in recent years, providing retailers with powerful tools to combat shoplifting and inventory shrinkage. One key aspect is the use of video analytics, where AI algorithms analyze surveillance footage in real-time to detect suspicious behavior, such as loitering in certain areas, unusual movements, or attempts to conceal items. By flagging these behaviors, security personnel can intervene before a theft occurs.
In many cases, security Personnel are not allowed to intervene or interfere with the activities of the criminals. Doesn't help the mom and pop shops at all except to let them know what they're losing as they're losing it, but they probably already know that information. Walking into the Apple store to grab everything off of the stands the two clerks behind the counter are powerless even as AI observes. AI does not stop the violence or gunfire. Catch and Release does not solve the problems.
The ALL company that are getting stolen heavily should just move out of those cities period. Let the thieves fight among themselves
Have skyscraper Affordable housing. A Livable wage And stores wouldnt deal with theft.
For large stores create a separate entry for people under 30 years old, require them to show ID to enter. If they can’t provide legit ID, deny entry. Post employees at the over 30 entrance to stop & ID check anyone under 30 entering that portal. Could use AI face scans on entry to estimate age also.
That would probably stop 75% of this activity.
Not the professors lmao
Don’t share the info with some employees they will just pass it on to those who are stealing.
China in the US.
always darks
Industry-wide problems require industry-wide solutions. Props to the retailers for fighting against this shrink outbreak
GOD IS GREAT😇😇😇😇😇😇😇
Make it make sense
MISSION IMPOSSIBLE BECAUSE OF GOD😇😇😇😇😇😇😇
The problem is not lack of AI, the problem is that cities have pro criminal laws
When you tell an entire ethnic group that they are victims and have no chance to improve themselves, they will naturally start justifying immoral and unethical behavior like this.
also crazy you choose to focus on race
Have you seen the videos of those who are stealing? They are not Software Engineers from India just out having fun. Let's not be an Ostridge and deny the facts.
@@bos9824 It's culture, not race.
@@jirehguy Great question actually....The Italians and Irish were treated very badly by the protestant ruling class in the late 1800's. They were also told they were stupid and incapable of succeeding in America. This no doubt led some in that community to justify criminality which lead to the formation of organized crime.
Don’t spend money on higher wages.
Collecting the personally identifiable information belonging to thugs and selling it to scammers is quite a lucrative income.
I have collaborated with a couple of scam call centers in India on a couple of new scam ideas specifically designed for targeting shoplifters and thugs. Can't go into detail but a couple of the ideas have already started beta testing .