With retail crime on the rise, we know that we need to do everything we can to deter theft and loss. Updated technology and implementation is the driver for increased retail security. Whether within or outside the perimeter of a retail store, the latest technologies can and will help retailers move forward.
NGS has compiled the latest information to keep you “in the know” of how to best protect your stores. Below you will find the top 5 retail security trends available. We will explain where they are in both efficiency and implementation, as well as what you can expect to be using sooner rather than later.
Artificial Intelligence According to Loss Prevention Media, “artificial intelligence is fundamentally changing how businesses operate today, both in physical security and other areas of their business.” A report from Mordor Intelligence predicts that artificial intelligence in the security market will reach $14.18 billion by 2026.
As a result of artificial intelligence (AI), retail security has incurred new solutions like proactive monitoring, false-alarm detection, and video analytics. Video analytics has evolved a great deal over the past few years. It can be used to detect intruders, read license plates, count people, as well as monitor the perimeter of a building or storefront. By combining the power of video analytics with remote monitoring, retailers can expand their physical security capabilities even when the store is closed.
Technology is playing a greater role than ever in retail security and other industries alike. Most notably, artificial intelligence technology trends will empower security professionals to make data-driven decisions and respond to threats before they happen. This is preventative and fills a hole in physical security that has been growing wider with every year.
Video analytics provide data from cameras placed in appropriate areas. These analytics also trigger alerts when a threat is detected. Artificial intelligence video analytics are particularly popular at automatic pay stations. Moreover, they can be helpful in preventing inventory losses. For example, when used on drones, they can count elements, scan stock, and identify wrong placement.
Perhaps even more interesting is AI’s computer vision. Facial recognition and sentiment demographics are being used to create a shopping experience in which consumers respond positively. Companies can tell how their new selfie station is doing by detecting smiles or other reactions. Furthermore, they can see what products garner the most excitement or interest within the store.
More importantly, this technology enables security personnel to hyperfocus on circumstances they can better control. It can also scan through a large quantity of data for security freeing up these employees’ time to react to potential theft or loss before it happens, thus preventing it.
While biometric authentication has only previously been used in high-security locations, we see them being used more by traditional companies now and expect a continuance moving forward. Though the abrupt adoption of health screening equipment was caused primarily due to the COVID-19 pandemic, many of the newly installed systems allow security companies to repurpose them after the pandemic has passed.
There are many different types of biometrics, and not all of them will grow in popularity at the same rate. What we are seeing in this field is biometrics being implemented for computers, door locks, and company equipment. This technology can also be utilized by smartphones, empowering employees to control access to locations, thus enhancing security.
More than ever, we are seeing retailers concerned with protecting customer privacy. Breaches have become all too common, allowing clients’ personal and financial information to be stolen by less than stellar humans. Accordingly, cybersecurity is a top priority in 2022. Identity theft cost us $88 billion in 2021. That number rises every year. According to the Identity Theft Resource Center (ITRC) annual report, 1,862 corporate data compromises occurred in 2021, breaking the previous record of 1,506 set in 2017. Furthermore, there were 14% more reported data compromises in the first quarter of 2022 than in the first quarter of 2021.
Increasing customer confidence when shopping is becoming a major priority for premier retailers. Ensuring that customers can feel confident in the buying process has become a serious issue for retailers across the globe. Interestingly, data privacy has been a driving force in the innovation of technology solutions. Customers want to feel confident that when they make a purchase, their personal financial information will stay safe.
Now that we know how technology is being used to enhance store security, we need to discuss how to best protect that data. Storing information in a Cloud has had mixed results thus far. It seems larger companies, with more data have been the first to implement this “data reserve.” However, we are seeing a growing trend towards implementing Cloud across the board.
Companies that are further along in their digital transformation are more likely to embrace Cloud technology than smaller companies. Securing your data is an important step in ensuring physical security.
According to a survey report by Genetics, 40% of respondents have at least 25% of their physical security environment is cloud or hybrid cloud. 37% of respondents in companies with 1,000 employees or less reported that at least 25% of their physical security environment is cloud or hybrid cloud. Meanwhile, 45% of respondents in companies with over 1,000 employees have at least 25% of their physical security utilizing the Cloud. Moreover, 47% of companies who have deployed less than 50% of their physical security environment to the Cloud, indicated plans to begin or further deploy parts of their security solution to the Cloud.
It would seem to be a process that is progressing for both small and large corporations, albeit at a varying rate. Thus far, Cybersecurity concerns and costs alike have deterred cloud adoption. However, more and more organizations are reconsidering. It seems protecting data is a permanent fixture in physical security after all.
Video surveillance is not dead. In fact, it’s becoming more common for retailers to run both video surveillance and access control in their stores. Understandably, smaller organizations are more likely to run either video surveillance or access control in their locations. This could be a funding issue. What we can’t deny is that system users want visibility and ease of management across their entire system.
As we progress in technology and the integration of such systems, costs may decrease somewhat, allowing more store owners to implement both. System users prioritize both intrusion protection and perimeter protection almost equally. Because video recordings are improving in quality, and artificial intelligence can be used to sift through video surveillance in real-time, security is enhanced.
The more we embrace technology, the better it can help us. As we progress in our understanding and usage of these processes, retail security will be increased. And who in retail would deny that this is necessary?
Building Perimeter Security
Building perimeter security continues to gain momentum. Assessing your weakest points is easier than you might think. Necessary solutions to enhance your building’s security are obtainable.
At NGS, we offer complimentary building assessments to help harden your perimeter. With the proper fortification, your store can achieve the best perimeter security available. You can learn more about our Building Perimeter Hardening Program here, or download our Storefront Security and Emergency Response Report.