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BRIEF 4: HOW CAN RETAILERS LEVERAGE THE FULL POTENTIAL OF DATA TO MANAGE LOSS?

 

BACKGROUND & CONTEXT:

The age of big data is here. The retail industry is already awash with masses of information, and with the rise of IoT, sensors, beacons, smart appliances, video analytics, facial recognition and more, the richness of that data is set to explode.

This presents retailers with a big opportunity when it comes to managing loss and improving the shopper experience. For example, if retailers could see real-time information on POS, risk, stock levels and external data such as demographic information, they could more effectively manage their deployment of security equipment and personnel. Using data to track the movement of product through the supply chain could help pinpoint areas of loss so preventive measures can be put in place.

The challenge is that many of these data sources are unconnected or hard to interpret, making it difficult for retailers to make sense of the information.


WHAT WE’RE LOOKING FOR:


We’re looking for technology that can help retailers bring together disparate data sources, allowing them to translate that data into actionable insights. This could include artificial intelligence and machine learning solutions.

We’re interested in interventions that give retailers a holistic view of everything that is happening in store and throughout their supply chain. This includes technology that can gather detailed insights on customer behaviour to help detect and deter theft or violence, whilst still being compliant with GDPR.

Ideally, these interventions will be able to identify the areas of loss, theft or damage, and/or quantify what product is in store at any one time, and how those goods are moving through the supply chain (for example with the return or sale-or-return process), while at the same time allowing them to better predict loss and risk. This includes solutions that can help retailers understand when an item has arrived into the store, when it is sold to a customer, when it is returned by the same customer, or when it is sent for reclaim or transferred to another store.


QUESTIONS WE’RE SEEKING TO ANSWER:


● How can retailers more accurately assess risk and begin to predict where their greatest risks lie?
● How can data assist retailers in ensuring resources are optimally deployed?
● How can retailers visualise all of their assets to better understand their current health and performance?
● How can retailers effectively isolate and measure the impact of individual variables/incidents?
● How could retailers tap into the wider pools of public data about shoppers and stores, whilst being GDPR compliant?