With inflation on the rise, shoplifting is expected to become more prevalent, even among loyal customers. This poses a significant threat to store profitability, especially when coupled with poor shrinkage management. Now more than ever, it’s crucial to take action against this growing issue—and Veesion is here to assist!
What is Shoplifting?
Shoplifting is the criminal act of taking goods from a store without paying. This theft can occur through various methods, including concealing items under clothing, using bags or tools to bypass security, or simply walking out of the store without paying. Shoplifting is illegal and can lead to criminal charges, fines, or even imprisonment, depending on the severity of the crime and local laws.
Step One: Recognize the Risks
Shoplifting can account for up to 3% of a store’s turnover due to what is known as “unknown shrinkage.” This loss can make a store unprofitable. The Ministry of the Interior reported a 17% increase in shoplifting complaints from January to August 2022 compared to the previous year. This surge is partly tied to inflation, with food prices rising nearly 10%, and some products seeing even greater increases (like dairy, vegetables, and pasta).
In practice, shoplifting involves customers entering the store with items they do not intend to pay for. Often, these items are hidden on their person and taken out of the store unnoticed—an act that can be easy to carry out, especially in stores lacking proper security equipment.
Step Two: Strengthen Your Store’s Security
Given the risks, prioritizing store security is essential for protecting your business and ensuring profitability. There are several effective solutions to combat shoplifting, with video surveillance being one of the most powerful tools.
Security Measures to Prevent Theft
-
Post Warning Signs: Deterring potential thieves is a proactive approach. Clearly displayed signs can make would-be criminals think twice before acting.
-
Install Doorbell Systems: A doorbell system helps track who enters and exits your store, ensuring you’re never caught off guard.
-
Set Up Professional Alarms: Installing an alarm system alerts you to break-ins and can be a deterrent for thieves. It also increases your chances of reimbursement from insurance companies.
-
Lock Up Valuable Items: While it may slightly hinder sales, locking certain products in display cases makes them harder to steal.
-
Use Security Gates: These complement surveillance and security guards by preventing theft at the store exit. However, they aren’t foolproof, as some thieves may bypass the RFID tags or foil their detection.
-
Hire Security Guards: Adding human surveillance can be invaluable, especially when alarms go off. While it’s a costly solution, it’s effective for monitoring and preventing theft.
-
Install Video Surveillance: Cameras let you monitor your store discreetly and deter theft by making criminals aware they are being watched.
-
Optimize Store Layout: Effective store design can enhance security by ensuring that areas under surveillance are clear and visible.
-
Stay Alert for Suspicious Behavior: With these security measures in place, you’ll have a clear view of activity in your store, whether you’re present or not.
Step Three: Use Technology to Combat Theft
Despite your best efforts, preventing 100% of theft is challenging. Retailers should focus on delivering excellent service and driving sales rather than constantly monitoring customers. This is where technology, particularly AI, comes into play.
The Role of AI in Preventing Shoplifting
Veesion offers an innovative solution to this challenge. Our gesture recognition software integrates with your video surveillance system to help prevent thefts in real time. This intelligent anti-theft system analyzes the actions of customers via your store’s cameras, detecting suspicious gestures and alerting you immediately.
Veesion’s system can accurately assess each individual’s movements—whether they are elderly, young, male, or female—enabling you to identify recurring offenders more efficiently.
Real-Time Interventions
With Veesion, you can respond to thefts quickly. It takes under 30 minutes to synchronize the software with your cameras. Once connected, you’ll receive video alerts on your phone, tablet, or computer. With this timely information, you can intervene before the theft is completed. Video evidence also allows you to confront the thief with undeniable proof, potentially leading to the return of stolen items or legal consequences.
Conclusion
Shoplifting is a serious concern for retailers, with three out of four reporting being victims of theft. Now is the time to take action. Veesion offers a comprehensive solution to help retailers tackle theft, from expert advice on security measures to cutting-edge technology designed to optimize shrinkage management.
If your store already has a video surveillance system, Veesion’s AI technology can enhance its effectiveness, guaranteeing financial improvements and better protection against theft.
Don’t wait—take control of your store’s security today!
