Artificial intelligence technology is essential to combat retail theft
TALLAHASSEE, Fla. – In 2024, tackling retail theft demands innovative solutions.
When organized retail crime rings attack local businesses, Florida retailers experience billions in losses from stolen products, damaged stores and destroyed displays – not to mention harm to innocent bystanders. The loss from theft is sometimes too great, forcing local retailers to close.
As technology evolves, Florida can take a proactive measure to combat retail theft. Innovative technology like artificial intelligence, or AI, can help retailers ensure the safety of their team members and customers and protect their livelihood.
AI provides tangible, real-time solutions to issues to help retailers safely secure their stores. Leading retailers are pioneering the implementation of AI technology into their anti-theft protocol.
Surveillance systems are supercharged to detect crowds looking in one direction, detect repeat offenders and implement automatic lock devices onto shelves of more expensive products.
Retailers are adopting AI-focused technologies with radio-frequency identification tags, or RFID, to secure high-value product lines like computers, phones and power tools.
Virtually undetectable, RFID tags are embedded into a retail product, locking it as inoperable until scanned at the point of purchase. This method deters thieves as stolen items with RFID tags remain locked and unusable.
Through AI, retailers can also work with law enforcement to identify the unique serial code of a product to determine if it is a stolen good.
Other stores have enhanced their video surveillance systems with AI to monitor shelves, display cases and other key areas where theft might occur. By amassing data and studying suspicious behavior, AI utilizes predictive software to help identify and alert store security.
Florida is not alone recognizing the importance of technological innovations like AI. Nearly 70% of retailers in the United States have found organized retail crime a growing threat, and they’re relying on cutting-edge systems to address it.
Loss-prevention activities are essential to management plans for many retail businesses. AI-powered tech can serve as a second line of defense against retail criminal activity, helping to deter and detect thefts quickly.
Implementing AI to crack down on retail crime expands beyond loss prevention and safety. This technology helps protect Florida’s robust retail industry.
Florida retail contributes $239 billion to the economy every year. One-third of all jobs in the state are tied to retail, supporting 3.6 million jobs for Florida families. Our local retail businesses are essential to Florida communities. We employ our neighbors and remit state and local taxes that support essential services like education and law enforcement. Without Florida retail, our state economy would suffer.
Thanks to our state leaders have passed and implemented meaningful legislation to combat and prevent organized retail crime. These laws, combined with technologies like artificial intelligence, retailers can keep their team members, customers and products safe without imposing further restrictions on the purchase experience. Our hope is that new laws don’t stand in the way of the new technologies so critical to the safety and sustainability of our industry.
AI is no longer a thing of the future. It’s here. And it’s an important part of the solution. By embracing innovative AI technology, we can combat organized retail crime more efficiently while providing a safe store environment and enjoyable customer experience.
Scott Shalley is the president and CEO of the Florida Retail Federation, which represents the more than 300,000 retail stores across the Sunshine State.
