Nvidia, in collaboration with the Loss Prevention Retail Council, has unveiled an artificial intelligence (AI) solution aimed at curbing retail theft. The innovative technology is designed to deliver advanced and real-time alerts when theft occurs.
According to a press release by Nvidia, the AI tool will monitor suspicious activities both within and outside retail stores, providing law enforcement with sufficient time to respond. The Loss Prevention Research Council comprises executives from over 85 major retail chains, law enforcement officials, and consumer packaged goods companies. The council's primary objective is to devise practical solutions to reduce the high volume of theft occurring in retail stores nationwide.
A report by the National Retail Federation reveals that flash mobs have become an increasing concern for retailers, resulting in billions of dollars in lost revenue. These groups also heighten the risk level for both customers and employees in these retail centers. The report discovered that the shrink rate in 2022 accounted for $112.1 billion in losses, marking a significant rise from $93.9 billion in 2021. "Retailers are seeing unprecedented levels of theft coupled with rampant crime in their stores, and the situation is only becoming more dire," said David Johnston, NRF Vice President for Asset Protection and Retail Operations. "Far beyond the financial impact of these crimes, the violence and concerns over safety continue to be the priority for all retailers, regardless of size or category."
The press release by Nvidia further details that their AI solution will recognize products more efficiently and implement superior tracking systems. It will utilize BriefCam's platform to provide real-time notifications when an item is stolen or misplaced. Based in Massachusetts, BriefCam can swiftly identify license plates and employs cross-camera object tracking capabilities. If this initiative is implemented successfully, it would mark a pioneering use of AI technology to combat retail theft.
