Digital Technologies and Its Scope in Shoplifting Prevention
Main Article Content
Abstract
Background/Objectives: Today’s world is based on emerging digital technologies. This paper discussed cutting edge digital technologies and how these can be used in Retail industry to prevent shoplifting – inventory theft.
Methods/Statistical analysis: Shoplifting can be monitored and prevented by using many digital technologies. However, this review paper will mainly focus on Artificial Intelligence, Machine Learning, Data Analytics, Process Automation methods to monitor, prevent and raise alarm if there is any inventory theft in brick-n-mortar retail stores. This will help higher management to take precautions based on analysed information.
Findings: Data is driving the retail industry these days. The retailers are trying to focus more on just in time inventory and improve services to the customer. The digital technologies will act as an enabler to help the retailers achieve their goals efficiently. In retail domain, these modern-day technologies can contribute a lot to assist the retailers in improving their existing business processes that will lead to their business growth and few such processes are explained here.
Improvements/Applications: This paper suggested different improvement process to track and prevent shoplifting using technologies – Artificial Intelligence, Machine Learning, Data Analytics, Process Automation.
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References
Survey by the National Retail Federation (NRF).
K. Wiggers, “AI Guardsman uses computer vision to spot shoplifters”
Bloomberg reports published on 4-March-2019.
M. Nadimpalli, "Artificial Intelligence – Consumers and Industry Impact", Int J Econ Manag Sci, Volume 6 , Issue 4 , 1000429