How intelligent technology can help monitor your store’s POS
Shoplifting and employee theft account for more than 70 per cent of shrinkage in Australia and procedural loss accounts for another 21 per cent. With the point-of-sale (POS) area being the main exit point for most retailers, it makes sense to consider security technology at POS.
New advancements in integrated security and store performance technologies are truly impressive. For a long time, retailers have been utilising security hardware such as CCTV and electronic article surveillance (EAS) systems - in the form of anti-theft tags, labels and pedestals - to monitor activity, however we are seeing more retailers adopting integrated solutions that use sophisticated analytics tools to report on what is happening at POS in real-time.
There is no doubt that real-time, live streaming, data-gathering capabilities are the way of the future. Tyco Retail Solutions recently introduced TrueVUE to the Australian market which is an integrated store performance platform that captures, interprets, reports and intelligently responds to operational data across multiple locations and provides clear visibility of store performance on an easy to read dashboard. While video surveillance is the fundamental building block of any good security system, the role of CCTV cameras is shifting beyond security and loss prevention to more sophisticated business intelligence and data analytics that can report on transactions as well as track customer behaviour.
Store counting and tracking systems that capture visitor trend data such as traffic numbers, shopper direction, average time of stay and even demographics such as age and gender are giving retailers a deeper understanding of their customers’ behaviour patterns. Heat zone mapping and other consumer behaviour analytics can also help stores assess where their customers are loitering and assist with staffing allocations at POS to maximise operational efficiencies, such as predicting checkout queues by location and time.
The increasing trend towards self-service models at supermarkets and variety stores is strengthening the importance of POS security. For retailers, the benefit of this service model is obvious, however a significant trade-off is that it raises a number of security concerns particularly around shoplifting and fraudulent ‘errors’. Retailers may also risk losing the opportunity to build a relationship with their customers.
Tyco Retail Solutions is working on products that can be tailored to specific store needs to help deter crime and allow stores to focus more on improving the shopper’s in-store experience, a trend that is coming from fashion and department stores. This includes delivering more sophisticated traffic intelligence software, introducing new IP video applications and advancing mobile POS. These types of advancements are designed to help deliver improved flexibility and visibility, and are exciting developments to watch out for in the coming year.