The real goal of Artificial Intelligence (AI) in retailing is to uncover hidden gems of revenue multiplication in the data that retailers already possess. The largest treasure trove of such data is a retailer’s video footage, and the second largest source is its POS data. As it turns out, marrying the two data sources has uncovered a potential 20X to 50X revenue multiplier.
Artificial Intelligence technology, patented by StopLift Checkout Vision Systems, analyzes and compares security video and POS data to determine what occurs during each transaction at the retail or supermarket checkout and immediately distinguish between legitimate and fraudulent behavior.
Cashiers are “sweethearting” pumpkins and other items for their friends by not scanning them at the checkout. Malay Kundu of StopLift, whose surveillance technology detects sweethearting, says this theft costs retailers $14 billion annually.
No one wants to sit in a back room watching surveillance videos of the checkout to see if anyone is stealing. And most stores don’t want to pay someone to do it. Security people are looking for thieves in the aisles. Malay Kundu, founder of StopLift Checkout Vision Systems, has technology that detects unscanned items at the checkout, where most of the shrink occurs.
Malay Kundu founded and serves as CEO for StopLift Checkout Vision Systems, which has developed checkout vision software that automatically detects unscanned merchandise at the manned and self-checkouts at supermarkets and retailers around the world. It analyzes regular CCTV video to detect various forms of theft, training error, and operational analytics.
John Audia had no idea how much theft and clerical mistakes were happening at the checkouts at his Sunriver supermarket near Bend, Oregon, until he implemented StopLift’s technology, which caught all of it on video.
When StopLift detected its 2 millionth incidents of scan avoidance at a Piggly Wiggly, the supermarket’s owner knew that cashiers were either stealing or failing to scan items, costing his supermarkets major losses.
When StopLift detected its 2 millionth incident of scan avoidance at a Piggly Wiggly, the supermarket’s owner knew that cashiers were either stealing or failing to scan items, costing his supermarkets major losses.
StopLift provides video analytics and computer vision for Point of Sale (POS) revenue assurance. The company’s loss detection services significantly reduce inventory shrinkage, deter future theft, and boost profitability to ensure that retailers get paid for every sale at the front-end of the store.
“For now, self-service technology is multiplying the opportunity for dishonesty, rather than eliminating it.” […] “Malay Kundu, who developed a facial recognition system to spot terrorists in airports now uses similar technology to catch a growing contingent of self-checkout thieves.”
Sadly for retailers, whatever their size, it is not just people coming into store intent on shoplifting or trying to sneak items through at the checkout that are causing costly shrinkage. In fact, some estimates suggest that nearly 40 percent of retail crime, by value, can be attributed to the workers themselves as they employ their insider knowledge to steal ever more lucrative items and even, in some cases, to collude with outside elements.