We’re elbow-deep in one of the most exciting moments in time, at least as far as retail security is concerned. Thanks to cutting-edge technology including artificial intelligence (AI), machine learning and integrated security systems, retailers are better able to curb theft and fraud both online and in-store.
These advances couldn’t come at a better time, either. In 2017, theft cost U.S. retailers nearly $50 billion — about 1.33% of their net sales. The top cause? Shoplifting, followed by internal threats — employee theft, for example, and involved in organized retail crime (ORC).
While none of this should surprise any retailer, the new trends emerging are poised to potentially overcome some of these long-standing challenges — possibly for good. By combining these innovative technologies with your own know-how and best practices, you’ll be best positioned to overcome much of the security threats facing your business, in 2019 and beyond.
#1. Digital Technology Comes In-Store
Digital solutions are coming to virtually every aspect of the retail sector. Vendors are using AI-based solutions, such as advanced video analytics, to analyze the behavior of shoppers in-store and online. This data is helping manufacturers improve the user experience, identify and prevent shoplifting and safeguard their assets in stronger, more efficient ways.
#2. Training Videos and Audio Announcements
Although employee theft is consistently a top cause of retail inventory shrinkage, properly trained employees are a valuable loss-prevention tool for companies. In 2019, use more training videos, audio announcements and newsletters to educate your team on theft and loss prevention.
#3. Closed-Circuit Television (CCTV) Monitoring
CCTV monitoring has been an important loss prevention tool for years, but retailers are using the technology in new, advanced ways. In 2019, the use of live and hidden CCTV systems will continue to decline in favor of remote, simulated visible and POS-exception-based models. The use of burglar alarms and armored car deposit pickups will also continue to decline.
#4. RFID-Enabled Security Devices
RFID-integrated fixture locks and drawer slides are changing how retailers secure and monitor their assets. Senseon is a leader in this field, offering a diverse line of products that can help retailers maintain a high degree of security even during peak shopping periods.
Senseon’s line of theft-proof fixture locks and drawer slides are easy to use and RFID key fobs allow companies to track who is opening which cases and when. RFID technology is also being applied to smart labels, the use of which will continue to increase in 2019.
#5. E-Commerce Retail Theft is Growing
Malware and distributed denial of service (DDoS) attacks continue to be a major issue for retailers. POS theft is increasing on e-commerce, and data protection should be a key focus for all companies.
The biggest issue, though, isn’t just the breach — it’s also the lasting impact on a brand’s reputation. A BBVA Research report found that 36% of consumers would avoid buying products from a retailer that has been compromised. In addition, 12% of “loyal” buyers would completely break ties with a brand following the exposure of their private information.
While it’s hard to completely safeguard against these attacks, proper routers and firewalls can curb your risk in a big way. Moreover, ensure you have updated security features installed in all of your connected devices — as attacks happen, security features are updated to help stop future issues. If your security software is out of date, you could be susceptible to more attacks.
These are just a few of the innovations shaping retail security in 2019. Visit our Retail solutions page to learn more, get in touch with our expert team and see how Senseon can redefine your in-store security.