Retail Poised to Realize the Benefits of Advanced Video Technology
According to the National Retail Federation’s 2016 National Retail Security Survey, the impact of shrinkage on the retail industry continues to be sizable. Over 48% of retailers surveyed reported increases in overall inventory shrink, and for the second year in a row, shoplifting has surpassed employee theft as the greatest cause. This report concluded that technology is increasing in use as a shoplifting deterrent, but some of the more advanced methods (e.g. video analytics and systems integration) are not catching on.
In a September 2015 survey conducted by Loss Prevention Magazine representing all major retail channels – including department stores, apparel, supermarkets, warehouse clubs, discounters, sporting goods, home improvement, and drug stores — some interesting data stood out:
- Analog remains the dominant camera technology.
- DVRs remain the dominant video management system.
- Video is most often used for investigative purposes.
- There is a mixed level of interest in video analytics.
In light of these findings, the conclusion is that the adoption of advanced digital video capabilities in retail has been slow despite lower costs and greatly improved performance. And despite similar advancements in systems integration and video analytics, video in retail today remains mainly a forensic tool for evaluating evidence after the fact.
For the video security professional, this represents a huge opportunity — especially for those well versed in the advantages of open platform video management systems. For the reasons listed above, the retail sector is perfectly poised to more fully realize the benefits of intelligent video technology.
IP video surveillance gives retailers a wide range of powerful tools and capabilities for enhancing loss prevention programs and improving store performance.
By enabling video to be captured as digital information and accessed anywhere on an IP network, IP video allows loss prevention professionals and other department managers to view, analyze and manage the video cameras and data. Built-in intelligence also enables cameras and the video management software to automatically detect and alert staff to potential thefts, suspicious behavior, unauthorized access and other events.
We made sure to have a best-in-class video security system right from the start when opening our restaurants, and that has proven to be the right decision. There are so many options with Milestone’s software… we can expand its use to almost anything. For example, we are integrating it with point-of-sale transaction software to reduce shrinkage at the restaurants.
– Helgi Hansson, Security Manager at Dunkin’ Donuts
Any retailer using analog CCTV video today can profit from the switch to an IP video open platform. The ability of an open architecture network monitoring system to integrate video data with analytics, alarms, access control, POS and other systems enables retailers to manage their operations with a single, convenient, efficient solution.
See how Milestone XProtect video management software can contribute to the bottom line.