Retail shrinkage is almost a $100B problem worldwide. When investing in technologies for your retail store, you don’t just need to consider the customer experience. You also need to consider creating air-tight security measures that prevent theft – especially in the wake of the upcoming recession.
So, what technological innovations are revamping the in-store retail experience?
Keep reading to learn about the top tools and technologies in the retail industry, along with the best security tools to lessen the impact of retail shrinkage.
Retail Security Innovations
Let’s explore some of the latest security technologies helping retail stores to provide more stringent security and prevent theft.
Video Analytics
Video security helps document crimes in your store to aid in a security investigation. However, with cloud-based security cameras, you can implement video analytics to ensure your cameras help prevent crimes in your store.
Video analytics applies to your camera system, analyzing your video data for anomalies that could lead to a security breach. For instance, if a customer enters a jewelry cabinet or sealed area, you will receive an alert, allowing you to intervene and prevent theft. Additionally, this software can be highly beneficial in preventing violent crimes.
The tool uses object recognition to spot any weapons in your store, ensuring that you can take immediate action when a violent crime occurs. This tool is invaluable in retail stores, helping to provide more security and safety for customers.
Mobile-First Access Control
You must protect areas in your building that house inventory, such as staff-only areas. Customers should not be able to enter these areas, but your staff should be able to enter easily. Mobile-first access control quickly dominates the security sphere, eliminating the need to cover the cost of keycard and fob replacement.
Instead, your employees can simply download mobile access credentials to their devices. This streamlines the onboarding process, which is essential in a retail store, as you may experience a higher staff turnover than in other industries.
Alarm Systems
There are several components of retail store alarm systems – alarms for safety and alarms for security. Opting for cloud-based alarm systems will ensure you receive a mobile notification should your alarms be triggered during closing hours. Below is a list of some of the top alarm systems to consider investing in for your retail stores.
- Fire and carbon monoxide detectors – you must provide health and safety measures that comply with regulations. Fire and carbon monoxide detectors are essential elements of your store to keep your customers and staff safe.
- Glassbreak sensors – you need to know about any broken glass in your store, as this will indicate a potential robbery. Or, you may need to clear up any debris to ensure your customers are not harmed. Glassbreak sensors will notify you when any glass in your store becomes broken.
- Intruder alarms – if there is an intruder inside your store during closing hours, you need to know about it. Intruder alarms will provide an alert, allowing you to notify the authorities immediately.
- Gunshot detectors – if a gunshot is detected in your retail store, you need to know about it. Early knowledge of a threat can help you to begin implementing emergency evacuation protocols and alert the authorities to the danger.
QR Codes
QR codes present an easy way to improve the customer experience, providing more information without wasting paper or resources. QR codes for your menus, services, and other info will allow you to streamline the amount of paper and informative resources you need to provide to your customers when they visit your store.
Hybrid Shopping
Hybrid shopping is a system designed to present in-person and online shopping benefits. In a hybrid shopping experience, the customer can enter a retail store knowing precisely what they want and access it immediately. They can use eCommerce platforms to enhance their buying experience and get the product they need while reducing browsing time. Many stores are enhancing their in-store shopping experience with hybrid shopping apps and platforms.
AI To Elevate The In-Store Experience
Knowing your customers’ habits in your store can help you to understand the right direction for product placement and optimize your store layout. However, gathering customer journey information becomes more challenging within a store environment. E-commerce stores can quickly track the customer journey with AI analytics software.
For your retail store, you can use AI to analyze your security camera footage, identify browsing habits, customer conversion rates, and more. This information will allow you to curate and perfect the customer experience in your store, boosting sales and providing more accessibility for the products your customers love.
Summary
In the coming years, retail stores must prepare for inventory shrinkage due to rising energy costs and a potential recession. They must provide more stringent security, and they must improve the customer experience to compete with the booming eCommerce sector. Consider how relevant the technologies listed above are to your future retail store strategy.
