Loss Prevention for the Retail industry hasn't really evolved much in the last 25 years. Considering how much the technology we use every day has advanced in great leaps, Retail Store Managers still, for the most part, have the same old solution to prevent shoplifting:
Having a problem with internal or external theft? Put in another camera.
The problem with this solution is that it is NOT a solution. SpotCrowd is starting a movement that will quickly become a standard in Retail security footage and it WILL have a major impact on retail loss prevention and how we handle all types of modern security footage in the future.
Why hasn't there been much advancement in Asset Protections in over 2 decades?
To solve the problem, we first have to define what the problem is: The price of cameras has gone down resulting in more security cameras in stores than ever before, but it's not actually solving the problem of preventing shoplifting. Shoplifters may have been deterred 25 years ago by the 'eye in the sky' of a looming security camera, but shoplifters today know that they are not being actively watched. Infact, only 1% of all security camera footage is ever being live monitored.
We know that the amount of data recorded will only continue to grow as we move into the near future. Today, the amount of security footage being recorded in the USA alone is over 400 petabytes per day. Not sure what a petabyte is? Well, it's a number so huge it's hard to put it to scale. Imagine all of the footage uploaded to YouTube every day. Both professional videos, advertisements, personal phone clips, tutorials, cat videos...everything. All of that adds up to only .01 petabyte uploaded per day.
With 400 petabytes daily, it's no surprise that Asset Protection teams have difficulty prioritizing what they are watching. Almost all of that information is thrown away or never analyzed. In the future, that information will not go to waste.
Bringing the future of Retail Asset Protection to today.
SpotCrowds solution puts more eyes on all of that unwatched security footage. We crowdsource a Global Spotter Community to watch your camera streams live and send alerts directly to the store. This is helpful for both small businesses because they don't have live monitoring and major retail chain asset protection teams because it helps them prioritize their actions and more efficiently use their time.
With Machine Learning, SpotCrowd's AI will become even more sophisticated in the near future. By analyzing and annotating all that camera footage we can do even more, such as:
- Prove ROI on end-cap promotions and retail marketing efforts
- Alert stores when there is an empty shelf or hazardous spill
- Flag repeat offenders as they enter the store to steal
- Verify memberships and prevent sweethearting theft
- Stop acts of violence in retail, parking lots, large venues, and beyond
- and so much more
Once SpotCrowd becomes a Retail standard, shoplifters will be deterred from stealing and employee theft will diminish. With SpotCrowd, the future is already here. The question now is, how soon will you adopt this new technology and start seeing the benefits from crowdsourced live monitoring?