Emerging Retail Technology Trends and the Impact on Loss Prevention With Terry Sullivan

Today, we're speaking with Terry Sullivan, LP/AP industry veteran and president of the Loss Prevention Foundation. In this episode of the Telaid Tech Connect Podcast, we explore the latest technologies in the retail industry and the impacts on loss prevention/asset protection (LP/AP) teams. Terry also discusses the walk-in walk-out experience, RFID technology, acceleration of AI, computer vision, and applications for facial recognition technologies.

 

IN THIS EPISODE: 

 

• [02:10] What has been happening in the retail industry lately, and what is the real impact on loss prevention?
• [04:30] Are there any vital technologies for loss prevention teams?
• [06:00] How does the walk-in walk-out experience affect LP professionals, and what are the concerns?
• [07:20] What is EAS (Electronic Article Surveillance) and will it become obsolete?
• [09:35] How does the acceleration of AI and computer vision affect the future of RFID (Radio-Frequency Identification) technology?
• [11:20] What is the current state of facial recognition technology adoption among retailers? 
• [16:00] What will the loss prevention space look like in the next five years? What significant trends or shifts might be coming next?

 

KEY TAKEAWAYS: 

 

• The focus of LP/AP professionals has changed drastically over the last 30 months. Due to global pandemic, volatile economic conditions and labor shortages, the focus of LP/AP has shifted to pandemic preparedness, inventory accuracy, ORC prevention and employee and customer safety.
• Technology is evolving fast, and the evolution of CCTV into AI and machine learning has been very beneficial. AI and machine learning will continue to evolve as retailers find new business applications.
• Inventory accuracy is now more critical than inventory shrink. Retailers continue to pivot and grow in an omnichannel space, and therefore having accurate inventory is vital to the customer experience.
• Even though there are some privacy concerns, many retailers are reconsidering the use of facial recognition technology, testing and implementing it for theft and loss prevention as well as an enhanced customer experience. 
• Imagine what CCTV will look like without the wires – when we can power cameras and transmit data efficiently without cable. These types of technology advancements and improvements are coming.

 

LINKS MENTIONED 

 

www.yourlpf.org/

 

[e-mail]

 

BIO: Terry Sullivan

Terry, a veteran of the LP/AP industry, continues to help shape the industry through education and media by overseeing the operations of our two business units: The Loss Prevention Foundation and LP Magazine. Prior to taking on the role of President for the Loss Prevention Foundation, Terry spent 29 years in the retail loss prevention industry, holding various senior leadership roles with Lowe's and with American Stores/Albertsons.