Loss Prevention is big business – an opportunity that exceeds $40 billion annually in the United States alone, and one responsible for 1.5 points of lost margin off what is often already a razor-thin margin to begin with.
Loss Prevention, as a function, is also a pioneer of sorts in the creation of the retail analytics industry, as its development and use of pan-tilt-zoom (PTZ) cameras introduced video to retailers worldwide.
So, when it came time to add new system capabilities to the Loss Prevention module of the RetailNext analytics platform, the team went to the best source possible: the community of Loss Preventions professionals.
At the recent NRF BIG Show in New York, RetailNext showed off new LP capabilities, and the biggest buzz centered on the industry-first POS exception reporting with integrated video that automatically alerts LP professionals to high-risk transactions like cash refunds and post-sale voids where customers are not present. It’s a feature that was specifically requested by customers, and with it fully operational within the platform, it now facilitates early identification of suspicious activity and efficient and effective investigation and case resolution.
In the RetailNext LP Dashboard, notifications of high-risk and other out-of-the-normal transactions are shown, with higher frequency stores and sales associates easily identifiable as priorities.
From the dashboard, it’s a single click into greater detail. In the screenshot below, there’s alert of a high-risk transaction that took place without a customer being present. One click on the transaction brings up not only the receipt, but the corresponding video as well.
Just like that – what used to take all morning now takes a couple of clicks and well less than a minute. It’s not only easier for the LP professional, but it allows increasingly tight personnel resources and budgets to be allocated more efficiently, more effectively.
A big advantage of the RetailNext analytics platform is the almost monthly updates pushed out, and it empowers the engineering team to collect real-time feedback and quickly act on it and deliver a better product. In this case, the team heard loud and clear an unmet need from the LP function, and in turn produced retail’s best LP module.
Retail analytics has always been about providing retailers the data needed to become better retailers. With RetailNext’s improved LP functionality and capabilities, LP professionals are now better equipped to seize their $40 billion plus annual opportunity.