New self service solution for retail aims to control theft & loss
By Retail4Growth Bureau | May 30, 2023
Swedish tech company Extenda Retail has launched a Self-Service and Loss Prevention solution, which can be implemented alongside any Point Of Sale (POS) application and it includes the latest machine learning (ML) technology to identify suspicious behaviour, prevent loss and reduce shrinkage.
Swedish tech company Extenda Retail has recently announced the launch of what it calls a “revolutionary” Self-Service and Loss Prevention (SSLP) solution, which it says, is “shaking up the FMCG retail sector”.
With retailers increasingly offering self-serve options to in-store consumers, ranging from self-checkout to self-scan, and mobile Scan & Go, there is growing concern regarding the rise in shrinkage. According to Forbes estimates, quoted by Extenda Retail, shrink is a $100Bn global problem.
Extenda says that its new SSLP solution can be implemented alongside any Point Of Sale (POS) application and it includes the latest machine learning (ML) technology to identify suspicious behaviour, prevent loss and reduce shrinkage while increasing customer loyalty.
“The Self-Service and Loss Prevention package provides shoppers with a personalized and standout customer experience. Armed with the latest Self-Service technology, store employees use their time more efficiently, store managers experience a dramatic reduction in operational costs, and decision-makers protect their bottom line. The impact on inventory accuracy will also improve replenishment and fill rates,” says the company statement.
The loss detection engine gives retailers a competitive edge by integrating the latest AI technology that learns from every shopper’s journey. Additionally, the SSLP solution boosts the accuracy of basket audits and rescans, and can integrate with other vital systems such as camera AI technology, the statement adds.
Speaking about the new solution, Thomas Steven, Extenda Retail’s Chief Product Officer, says, “Our Self-Service Loss Prevention offering has been infused with AI and machine learning technology to enhance the customer experience and safeguard profits. We believe that in today's challenging landscape, it is essential for retailers to protect their bottom line, yet at the same time delight customers.”