Retail crime was a hot topic in 2023, with big names like Target and Dick’s Sporting Goods emphasizing its impact on revenue performance. The reality is that small businesses are just as impacted, but are not as discussed. In fact, a recent Forbes study found that a staggering 75% of small business retailers said they lose between $500 and $2,500 each month due to theft. Moreover, these small businesses, between one and 20 employees, were the most likely to fall victim to internal theft.
In a recent Retail TouchPoints byline, James Stark of Axis Communications outlined how small businesses are impacted by theft, and how video analytics can help them tackle these issues, while driving bottom-line benefits.
Store Security Solutions are More Robust
Sure, having a security guard in-store is helpful, but it can impact public perception and consumers’ overall comfort levels in your location. Technology has become a silent enabler. Plus, security and surveillance solutions have not only become more powerful but more accessible in recent years.
Analog cameras are starting to be replaced by network cameras that run a range of analytics. Modern chipsets have increased processing power, which makes deep learning and more advanced video analytics a standard. Inside stores, cameras can be used to search for indicators of theft or organized retail crime, and then notify employees and security personnel of red flags. For example, that could mean receiving an alert when customers are loitering in high-value areas or behaving erratically.
These cameras can also be integrated with panic buttons that employees can click to activate cameras to zoom in on the faces of nearby customers to collect forensic evidence. These devices also can be programmed to listen for sounds like breaking glass and other loud noises. Panic buttons can alert law enforcement when triggered, ensuring that help arrives quickly.
Camera Analytics Can Drive Long-Term Benefits
Beyond the immediate security benefits of these more robust solutions, camera analytics also can generate business intelligence that SMBs need to be more efficient and effective in various ways, including:
- Employee scheduling: Video analytics can help SMB owners, managers and operators determine busiest days and times, so they can allocate staff more effectively
- Visual merchandising: Small businesses can track how customers move through stores, so they can determine how to best adapt visual merchandising displays and the store layout
- Customer service and experience: Employees can receive alerts when lines are forming or if a customer is lingering and seems like he or she needs help.
Stark’s article outlines even more benefits of implementing more robust video analytics solutions. Click here to read the full piece now.
