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Advocating for policies that strike a balance between compliance and security will help to create an environment where retailers can address shrinkage proactively without coming up against unnecessary barriers .
4 . Advancing technological innovation : paving the way for the future The continued integration of cutting-edge technologies into the retail landscape with play a major role in reducing and preventing future losses from shrinkage . Artificial intelligence ( AI ), data analytics and advanced surveillance systems promise to make loss prevention strategies more effective and efficient . GenAI offers solutions to detect unexpected transactions , generate proactive alerts for product expiry , and help retailers forecast more accurately to optimize inventory levels . And computer vision technologies can add a further layer of security to frictionless shopping models including self-checkout and shop & go .
Establishing a solid foundation
Successfully tackling retail shrinkage requires the right policies and processes , alongside people to execute them , equipped with the appropriate technology and resources . With these foundational elements in place , the retail industry in the UK will be able to move towards a future where retail shrinkage is not only a challenge to tackle , but also an opportunity to become stronger and more resilient to future obstacles . ■
For a list of the sources used in this article , please contact the editor .
Phil Matthews www . cognizant . com
Phil Matthews is Vice President & Sector Head Retail , Consumer Goods , Travel & Hospitality at Cognizant . Cognizant engineers modern businesses . It helps clients modernize technology , reimagine processes and transform experiences so they can stay ahead in today ’ s fast-changing world .
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