MilliScan participated in the Retail Risk and Loss Prevention Conference in London
The Retail Risk Conference in London is a premier event that brings together industry leaders, experts, and businesses to share knowledge and insights on the latest trends, challenges, and innovative solutions in the retail sector.
This year, MilliScan attended the conference as a guest, aiming to learn more about the risks associated with the retail sector and explore how our millimeter wave body scanner can contribute to loss prevention and risk mitigation.
More and more is demanded from loss prevention professionals
The retail sector has always faced a variety of risks related to fraud and theft, but with the rapid growth of technology and the ever-changing retail landscape, these challenges have become more complex. Some of the key risks retailers are currently grappling with include:
- Cybersecurity threats: With increasing reliance on digital platforms and online transactions, retailers are becoming more vulnerable to cyberattacks, online fraud, data breaches, and identity theft.
- Shrinkage and loss prevention: Traditional challenges like shoplifting, employee theft, and supply chain losses continue to plague the retail industry, impacting both revenue and profitability. Retailers must implement comprehensive loss prevention strategies for their online and offline stores as well as their warehouses.
- Compliance and regulatory risks: Retailers are required to navigate and comply with an increasingly complex web of local, national, and international regulations that govern data protection, consumer rights, and environmental sustainability. The balance between privacy and security is becoming increasingly difficult.
- Health and safety risks: Retailers are increasingly faced with violent attacks in their physical stores.
Embracing Technology for Mitigating Risks in the Retail Sector
As the retail sector evolves, it faces various challenges and risks that require innovative solutions to ensure the safety and efficiency of operations. By adopting cutting-edge technologies, retailers can enhance loss prevention and asset protection. We will go through a few key technologies that were present at the Retail Risk conference in London.
AI-Based Face Recognition for Enhanced In-Store Security
One of the hot topics at the conference was face recognition technology powered by artificial intelligence (AI). It clearly has benefits for retail security, but it also has privacy issues concerned by the general public. AI-based face recognition can identify known shoplifters or individuals with a history of criminal activity, allowing retailers to take appropriate actions to prevent potential incidents. It can also be used to monitor employees, ensuring they follow protocols and helping to deter employee theft.
Inventory Management Software for Transparent Warehouse Operations
Effective inventory management is crucial for the success of any retail business. By implementing advanced inventory management software, retailers can achieve:
- Real-time inventory tracking: Inventory management software allows retailers to monitor stock levels in real-time, minimizing stock discrepancies and reducing carrying costs.
- Streamlined warehouse operations: The software can optimize warehouse processes, including receiving, picking, packing, and shipping, leading to increased efficiency and reduced operational costs.
- Enhanced transparency: Advanced inventory management systems offer greater visibility into warehouse operations, making it easier to identify areas of improvement and implement necessary changes.
Real-time and transparent warehouse tracking increases loss prevention by being able to detect lost items immediately.
Millimeter Wave Body Scanners for Improved Loss Prevention
Innovative millimeter wave body scanners are mainly used for the inspection of employees to enhance loss prevention efforts in warehouses and factories:
- Accurate detection: Millimeter wave body scanners can accurately detect concealed items, allowing retailers to intervene before a theft occurs, reducing losses, and facilitating apprehension.
- Deterrent to theft: The presence of these advanced scanners in retail establishments can serve as a deterrent to potential thieves, decreasing the likelihood of theft.
- Non-invasive and safe: Millimeter wave scanners use non-ionizing radiation, making them a safer alternative to X-ray scanners. They are non-invasive, posing no health risks to individuals being scanned.
- Speed and efficiency: Millimeter wave body scanners are capable of quickly scanning individuals, reducing wait times and increasing throughput.
- Privacy protection: Millimeter wave scanners are designed to protect an individual’s privacy, as they do not produce detailed images of the person’s body. Instead, they generate a generic silhouette highlighting areas where concealed items are detected.
- Detection of non-metallic items: Millimeter wave body scanners can detect non-metallic items that are commonly stolen from warehouses. Items like wallets, perfumes, tobacco, etc. cannot be detected with a metal detector.
Conclusion
The Retail Risk conference in London offered an excellent opportunity for industry leaders to discuss the latest trends and challenges in retail risk management. MilliScan’s innovative body scanner clearly fits the need to enhance loss prevention. By adopting advanced tools and strategies like those offered by MilliScan, retailers can protect their businesses, employees, and possibly also customers while staying ahead in the competitive retail landscape.
If you want to hear more about our innovative body and mail scanner technology and MilliScans commercialization plans, please contact us. Visit our website if you want to learn more about our technology.