Sensormatic Solutions Showcases New Innovations to Combat Shrink and Enhance Shopper Experiences at the Retail Technology Show 2024
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Insights
The introduction of Sensormatic Solutions' cloud-based SaaS Shrink Analyzer and Store Guest Behaviors solutions represents a significant advancement in retail technology. These systems are designed to address two critical areas: loss prevention and customer experience optimization. By leveraging RFID technology and computer vision analytics (CVA), Sensormatic is offering a proactive approach to combat shrinkage—a term which refers to the loss of inventory due to factors such as theft, fraud and administrative errors.
The Shrink Analyzer application is particularly noteworthy for its potential to enhance loss prevention strategies. It utilizes an advanced data engine to analyze item-level inventory, providing retailers with actionable insights into loss events. This could lead to more targeted and effective loss prevention measures, potentially reducing costs associated with shrinkage. Furthermore, the application's ability to integrate with existing retail systems and support data exports to case management systems could streamline operations and improve efficiency.
On the other hand, the Store Guest Behaviors solution offers retailers a tool to understand and improve the shopper journey. By analyzing shopper behavior data, retailers can make informed decisions about store layout, inventory management and marketing strategies. The use of existing video infrastructure for data collection is a cost-effective way to implement advanced analytics, which can lead to improved sales conversions and customer satisfaction.
From an ESG perspective, Sensormatic's focus on environmental and social governance is commendable. The mention of innovations designed to protect merchandise while aligning with ESG objectives indicates a conscious effort to integrate sustainability into loss prevention solutions. Retailers are increasingly evaluated on their ESG performance and solutions that contribute positively to these metrics can be attractive from an investment standpoint.
The integration of ESG considerations into Sensormatic's offerings could potentially enhance a retailer's reputation and customer loyalty, as consumers are showing a growing preference for companies with strong sustainability credentials. However, the actual impact on a retailer's ESG performance would depend on the effectiveness of these solutions in reducing waste and improving social outcomes, such as through ethical sourcing or fair labor practices. It's also worth noting that ESG initiatives can sometimes come with higher upfront costs, although they may offer long-term savings and reputational benefits.
The deployment of cloud-based solutions and the use of RFID and CVA technologies raise important cybersecurity considerations. As retailers collect and analyze more detailed customer data, they must also ensure robust data protection and privacy measures are in place. The potential risk of data breaches could lead to significant financial and reputational damage for retailers.
It is important for Sensormatic to demonstrate that their solutions are built with strong cybersecurity frameworks to protect sensitive customer and inventory data. Retailers adopting these technologies should assess the security features and compliance with data protection regulations such as GDPR. Effective cybersecurity measures can prevent unauthorized access to data and mitigate the risk of cyber threats, which is increasingly important as retail operations become more digitized and data-driven.
- Sensormatic Solutions’ Cloud-Based SaaS Shrink Analyzer Application aggregates RFID technology using an advanced data engine and visualisation tool to combat Shrink and Organised Retail Crime (ORC)
- The brand’s latest AI-driven Store Guest Behavior solution provides retailers with analytics and visualisation tools that enable outcomes-based improvements and satisfying customer experiences
Sensormatic will demonstrate its cloud-based SaaS Shrink Analyzer application and Store Guest Behaviors solution, which is powered by Computer Vision Analytics (CVA). The brand will also be showcasing a new innovation that is designed to protect merchandise and the environment; Ultimately, helping retailers with their Environmental, Social and Governance (ESG) objectives while safeguarding against shrink. These solutions and more will be on display at stand 6D50.
Cloud-Based SaaS Shrink Analyzer Application
The cloud-based SaaS Shrink Analyzer application is a flexible, inventory platform-agnostic purpose-built to support retailers as they develop smarter, more effective loss prevention (LP) programmes, reduce out of stocks and enhance store operations.
“Shrink Analyzer highlights the ‘what,’ ‘where’ and ‘when’ of loss events, allowing retailers to take a proactive approach in the battle against organised retail crime (ORC), fraud and other drivers of shrink,” said Craig Szklany, Vice President and Product General Manager of Loss Prevention and Liability at Sensormatic Solutions. “This tool ushers in a new era of shrink visibility, using radio frequency identification (RFID) technology and exception-based exit monitoring to provide retailers with never-before-seen insights into their operations.”
Shrink Analyzer serves as the advanced data engine for a connected LP eco-system, ingesting, aggregating and analysing item-level inventory and data from Sensormatic RFID exits to provide a clear line of sight to losses in stores. The solution’s leading-edge analytics capabilities help retailers combat rising theft, empowering LP teams with clear evidence packages to improve prosecution efforts. Shrink Analyzer shows retailers the true financial impact of theft, fraud and other drivers of loss, helping prioritise their responses by focusing on strategies that have an immediate impact.
Sensormatic Solutions newest LP application uses RFID technology, cloud-based analytics and electronic product code (EPC) data to:
- Highlight at-risk items and ORC activity. Shrink Analyzer’s analytics help LP teams differentiate between ORC, bulk and incidental theft events, providing insights into shrink anomalies and evolving patterns or trends;
- Pinpoint vulnerable areas and displays. Shrink Analyzer synthesises data from across store systems to provide item-level reports, including video evidence on when and where RFID tagged merchandise goes missing. This data helps alert LP teams to gaps in security that may leave merchandise exposed;
- Increase asset protection team productivity. Shrink Analyzer is designed for use by retailers’ investigative teams to help easily and quickly bundle digital evidence of theft events for use in potential prosecution against ORC groups;
- Optimise other areas of operations. By combining EPC exit data with other retail systems sources, Shrink Analyzer’s analytics capabilities help reduce out-of-stocks and drive enhanced replenishment. The solution also supports data exports to third-party case management systems to improve workflow efficiency.
Store Guest Behavior Analytics
As part of Sensormatic Solutions’ computer vision capabilities, Store Guest Behaviors is an artificial intelligence (AI) solution that leverages an adaptive learning model to help retailers understand shopper journeys and deliver engaging, enjoyable and unique shopping experiences.
Store Guest Behaviors reveals enriched, actionable shopper insights, which retailers can use to help boost in-store sales through thoughtful strategy and layout within a retail environment. This is because it increases the value of foundational traffic analytics programs, using people counting, shopper journey and behavioural data to facilitate operational excellence and improve conversions.
That outcome is enabled by understanding:
- Shoppers’ paths to purchase. Store Guest Behaviors uses various data streams, such as zone-level dwell time and movement analysis, which can measure the time shoppers engage with displays or merchandise. The solution provides heat maps that highlight shoppers’ journeys and paths to purchase, empowering retailers to design more effective layouts and floor plans, inventory management practices and labour models;
- Audience measurement. Store Guest Behaviors can help retailers better understand their customers and what they want. With shopper sentiments, demographics and other relevant data streams, retailers are equipped with the necessary data to enable simple yet comprehensive A/B testing. This allows them to quantify the value around decisions on merchandise mix, promotional display placements, planogram designs and assortment strategies.
Powered by CVA, Store Guest Behaviors allows retailers with compatible tech stacks to make use of existing video infrastructure by using an edge appliance to tap into their digital ecosystems. As with most Sensormatic Solutions computer vision applications, the new solution is enabled through collaboration with Intel and Lenovo and optimised for retail using Sensormatic Solutions’ suite of proprietary, connected and outcomes-based solutions.
To learn more about Sensormatic Solutions latest innovations, visit stand 6D50 at the RTS, which takes place on 24 and 25 April 2024 at London Olympia. To request meeting or a visit to a nearby Sensormatic Retail Experience Center, visit the Sensormatic Solutions scheduling page.
About Johnson Controls:
At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.
Building on a proud history of nearly 140 years of innovation, we deliver the blueprint of the future for industries such as healthcare, schools, data centres, airports, stadiums, manufacturing and beyond through OpenBlue, our comprehensive digital offering.
Today, with a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world`s largest portfolio of building technology and software as well as service solutions from some of the most trusted names in the industry.
Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.
About Sensormatic Solutions:
Sensormatic Solutions is the leading global retail solutions portfolio of Johnson Controls powering operational excellence at scale and enabling smart and connected shopper engagement.
Our intelligent digital operating platform – Sensormatic IQ – combines the full Sensormatic Solutions portfolio, including third-party data to deliver unmatched insights into shopper experience, inventory intelligence, loss prevention and operational effectiveness with advanced technologies, like AI and Machine Learning. This enables retailers to act on prescriptive and predictive data-driven outcomes to confidently move into the future.
Please visit Sensormatic Solutions or follow us on LinkedIn, X, and our YouTube channel.
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sarah.cole@fieldworksmarketing.co.uk
Source: Sensormatic Solutions
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