Some of the world’s most successful retail chains are already using facial recognition to transform their loss prevention efforts. And new data from Market Research Future indicates that retail companies are aggressively adopting facial recognition technology.
While the largest end users of face identification technology have historically been governments and banks, retail is expected to be the fastest growing industry during the forecast period of 2016-2022 with a 23.86% annual growth grate.
The Future of Retail Loss Prevention has Arrived
So what does this mean? It offers more proof that biometric surveillance is the future of loss prevention. But you don’t have to wait until the future to adopt this game-changing technology. Here are three reasons why retailers should adopt face recognition right now.
To Prevent Crime
When you catch someone shoplifting, they’ve almost certainly stolen before. In fact, they have probably already stolen from your store. By using face recognition, you can set up a database of known or suspected retail criminals. You can then identify the moment that they enter one of your locations. As a result, your loss prevention team will be able to closely monitor them and ensure that they don’t steal anything. The result is a radical reduction in shoplifting and organized retail crime. In fact, our data indicates a 20% reduction in external shrink.
To Create Safer Stores
It’s crucial for all retailers, including superstores and grocery stores, to protect their merchandise. But it’s even more important to protect your customers’ and employees’ safety. Face recognition has been proven to reduce in-store violence by up to 91%. Part of the reduction is due to alerts that can provide personalized directives to loss prevention professionals. As an example, say that a dangerous criminal enters a store, a facial recognition system could alert loss prevention not to approach that person, but rather to call the police. This can help keep everyone in the store safer. And by simply proactively monitoring organized retail criminals, you’ll prevent incidents of theft that could potentially become violent.
To Protect Privacy
The Government Accountability Office (GAO) recently noted that facial recognition technology is actually less intrusive than traditional video surveillance, in that facial recognition technology only captures biometric information. To go even further, FaceFirst’s face recognition platform was built to prevent profiling based on age, race, gender or other factors.
For these reasons and many others, we predict that it won’t be long before facial recognition completely replaces traditional video surveillance for retail. FaceFirst stands ready to revolutionize your loss prevention efforts. If you’d like to see this technology in action, schedule your free demo.
Want to learn more about face recognition? Check out our 5-Minute Guide to Face Recognition for Retail.