Strengthen your business with cutting-edge loss prevention strategies

Today’s retail landscape dictates that success requires more than just operational efficiency. Retailers must balance creating an enjoyable customer experience with a sense of security and the right blend of technology. Traditional loss prevention strategies often focus solely on reducing shrink, but in today’s competitive retail landscape, that is not enough.

Retailers need innovative solutions that protect their profitability without compromising the customer journey. In fact, according to a 2024 Incisiv report, 97% of retailers consider innovation critical to their future growth strategies.

Balance security, customer experience with modular loss prevention strategies

Loss prevention is no longer a one-size-fits-all solution; retailers must address challenges like shoplifting and operational inefficiencies without disrupting the customer experience. Embracing a modular design that integrates a digital transformation with AI and internet of things (IoT) empowers retailers to adapt to challenges, streamline operations and create memorable shopping experiences that will build customer trust and loyalty effectively.

Incorporating an end-to-end solution such as ELERA® Security Suite from Toshiba Global Commerce Solutions can address these challenges.

With a modular approach, retailers can reduce theft through discreet loss prevention technologies, integrate high-definition cameras into store designs, and still maintain the store’s aesthetic.

Toshiba’s ELERA® Security Suite allows retailers to integrate customizable solutions seamlessly into their existing systems, minimizing disruptions while making incremental improvements. Maintaining this balance between security and shopper experience is vital to staying competitive in today’s retail market.

Benefits:

Deliver unified commerce capabilities without disrupting your existing infrastructure.
Stand out in the marketplace with integrated digital and physical shopping experiences that customers prefer.
Empower your business with flexible commerce solutions that support both small changes and major transformations tailored to meet your unique retail needs.

“A modular approach to loss prevention empowers retailers to select components that best address their specific challenges while seamlessly integrating with their existing infrastructure and technologies,” says Johanna Hinkle, director of Portfolio Management, Innovation & Incubation Center at Toshiba. ”This flexibility allows businesses to enhance security in targeted areas, such as self-checkout monitoring, inventory management, or video analytics, without overhauling their entire system.”

Leverage AI and IoT technologies for real-time shrink detection

Integrating AI and IoT technologies has redefined what’s possible in loss prevention. By enabling intelligent, real-time monitoring and adaptive solutions, retailers can significantly reduce losses, particularly in areas like shrink and operational inefficiencies.

SKU errors, one of the most common causes of shrink, can easily be detected by AI-powered systems, preventing inaccuracies in inventory tracking and saving customers from delays at checkout. Additionally, AI-driven analytics of customer traffic and behavior allow for optimized store layouts and product placements. This results in a more enjoyable shopping experience, making it easier for customers to find what they need, reducing frustration, and enhancing overall satisfaction.

A solution such as ELERA® Loss Prevention uses advanced analytics and proactively monitors to detect shrink occurrence in real-time. ELERA leverages AI-powered edge processing to quickly identify and address theft risks in retail stores, reducing shrink and freeing up resources for exceptional customer experiences. Intelligent technologies are designed to learn and adapt to evolving threats, ensuring retailers stay ahead in the rapidly evolving landscape of loss prevention.

“By orchestrating these technologies, retailers gain a unified view of operations, enabling precise, agile responses that protect assets while maintaining a seamless customer experience,” says Hinkle.

Enhance self-checkout accuracy with AI-driven produce recognition

Self-checkout has revolutionized the way customers interact with retailers, but it also introduces new challenges, particularly with produce identification and fraud. Toshiba’s ELERA® Produce Recognition solution addresses these pain points by leveraging AI to automatically and accurately identify fresh produce items without the need to manually input product codes.

The technology reduces errors, minimizes theft, and speeds up the checkout process, creating a smoother, more enjoyable shopping experience for customers and retail employees. Retailers benefit from fewer operational disruptions and lower shrink rates, making self-checkout a win for both sides.

Conclusion

Retail success requires more than isolated improvements. It demands a holistic approach to operations to balance loss prevention and enhanced customer experiences. Having a unified digital and physical experience enables retailers to deliver consistent, seamless service across channels.

ELERA’s modular platform is designed to help retailers grow and adapt at their own pace. It allows for gradual innovation, meeting changing consumer needs and scaling operations without overhauling existing systems. Streamlining data management helps retailers deliver better customer experiences and stay competitive in a fast-moving industry.

“Adopting a unified commerce platform is essential for retailers seeking to stay competitive in a rapidly evolving retail landscape,” says Hinkle, adding it is imperative that retailers, “prioritize technology partners with proven experience, strong customer support and innovative solutions.”