In an era where retail theft is on the rise, innovative AI technologies are stepping in to combat shoplifting and streamline administrative tasks. Companies like Veesion and SourceWhale are leading the charge, utilizing advanced algorithms and automation to enhance security and efficiency in the retail sector.
Key Takeaways
- AI technology is increasingly used to combat shoplifting and improve administrative efficiency.
- Veesion’s AI surveillance software reduces shoplifting by up to 60% in retail environments.
- SourceWhale automates recruitment processes, significantly increasing efficiency for agencies.
The Rise of AI in Retail Security
The retail industry has faced a significant increase in shoplifting incidents, prompting businesses to seek innovative solutions. Veesion, a Paris-based startup, has developed AI-powered surveillance software that analyzes closed-circuit television (CCTV) footage to identify suspicious behavior. This technology employs machine-learning algorithms and biometric analysis to detect actions typical of shoplifters, such as concealing items in clothing.
Founded in 2018, Veesion has quickly gained traction, now serving over 4,000 stores across 25 countries. The company claims that its technology can reduce shoplifting by an average of 60%. According to Hamza Saleem, Veesion’s senior account executive, the system continuously learns from data, improving its ability to identify potential theft.
Addressing Employee Theft
In addition to combating external theft, Veesion is exploring ways to help retailers detect internal theft, particularly among employees. This includes monitoring behaviors at checkout points where staff may be tempted to pocket cash or merchandise.
Streamlining Administrative Tasks with AI
While security is a pressing concern, administrative efficiency is another area where AI is making a significant impact. SourceWhale, a UK-based company, has developed a subscription-based workflow automation software tailored for recruitment agencies. This cloud-based solution connects various IT systems, automating daily tasks such as candidate follow-ups and data collation from platforms like LinkedIn.
Timothy Hogwood, co-founder of SourceWhale, notes that the software emerged from a need to streamline operations during the COVID-19 pandemic. Initially a recruitment agency, SourceWhale pivoted to software development, quickly gaining clients impressed by its technology. The company has reported remarkable growth, with revenues soaring from €137,000 in 2020 to €7.75 million in 2023.
The Future of AI in Retail and Beyond
The demand for AI-driven solutions in retail is expected to continue growing as businesses seek to mitigate losses from theft and improve operational efficiency. Veesion and SourceWhale exemplify how technology can transform traditional industries, offering innovative tools that not only enhance security but also optimize workflows.
As the landscape of retail evolves, the integration of AI technology will likely play a crucial role in shaping the future of shopping experiences, making them safer and more efficient for both retailers and consumers alike.
Sources
- AI business technology takes on shoplifters and admin drag, Financial Times.
Peyman Khosravani is a seasoned expert in blockchain, digital transformation, and emerging technologies, with a strong focus on innovation in finance, business, and marketing. With a robust background in blockchain and decentralized finance (DeFi), Peyman has successfully guided global organizations in refining digital strategies and optimizing data-driven decision-making. His work emphasizes leveraging technology for societal impact, focusing on fairness, justice, and transparency. A passionate advocate for the transformative power of digital tools, Peyman’s expertise spans across helping startups and established businesses navigate digital landscapes, drive growth, and stay ahead of industry trends. His insights into analytics and communication empower companies to effectively connect with customers and harness data to fuel their success in an ever-evolving digital world.
