With all of the technology available for improving security and the customer service experience, loss prevention remains staggeringly high. Retailers can improve the customer experience through technology while also understanding how to mitigate the security risks technology can create.
Below are some key technology trends retailers are implementing, but they still need to have checks and balances.
Facial recognition systems can benefit retailers by identifying when key clients are in the store, recognizing when a suspect has trespassed and identify recurring shoplifters.
Retailers must remember they still require a trained professional to review and analyze the facial recognition system at all times. They also need to have a support team to act on potential threats. Even when facial recognition technology is programmed correctly, there is still the possibility of errors to occurring for various reasons such as disguises, image clarity, power outages, etc.
Prepaid cards make a great gift or reward, but it has also created a criminal industry that is on the rise. Some retailers are no longer accepting prepaid cards as a form of payment.
Retailers and financial institutions are looking into checks and balances to support the customer, hoping to continue the use of prepaid cards.
Self-payment systems are beneficial for grocery and big box stores, but retailers still need to have physical security presence, aside from technology, to help monitor purchases to avoid shoplifting or accidental theft.