Loss Prevention in Retail
Loss Prevention is a set of practices and strategies used by companies and retail businesses in order to avoid losing money due to theft & shoplifting. Loss Prevention aims to prevent individuals from stealing through a range of practices and preserve the profit expected to come from their product.
Ottica AI’s technology assists in identifying problem customers that can be stopped upon entry if they attempt to enter again – prior to having the chance to shoplift again. This technology aims to further strengthen and enhance current loss prevention strategies giving retailers the upper hand.
Loss Prevention is crucial to the survival and thriving of Australia’s retail industry. The industry itself contributes 11% to the national economy – yet shoplifting costs Australian retailers up to $7.5billion each year, according to the Australian Retailers Association. The Australian Retail industry is still recovering from the impacts of the last two years – and lack of staff becomes a crucial issue in the enforcement of loss prevention strategies. Businesses do not have the man-power to enforce these strategies which can greatly impact the profitability of the business.
Ottica AI’s Facial recognition technology is the retail industry’s answer to this growing concern, further expanding on a long-standing loss prevention practice. Facial recognition allows employees to identify repeat offenders of shoplifting as well as banned customers, providing better avenues for loss prevention. This is particularly helpful for businesses with a smaller number of employees – as employees themselves are not expected to be constantly alert for theft, rather focused on the customer in front of them.