Around 92% of retailers indicate that loss prevention is an important driver of store technology investment decisions, Incisiv unveiled.
The 2024 Connected Retail Experience Study, focusing on Omnichannel Efficiency by Incisiv was conducted in collaboration with Verizon and Cisco. It revealed that retailers are actively seeking innovative technologies to revolutionize store efficiency, mitigate increasing retail theft, and address critical labor shortages.
Gaurav Pant, Chief Insights Officer at Incisiv, said, “This shift is not just about technology implementation; it’s about shaping a new retail paradigm. Bridging the omnichannel gap is not just a matter of competitive advantage but a necessity for survival, and adopting new technologies like automation is the frontier for differentiation. The disparity in digital experience for store associates, especially among Gen Z, is more than just a technological shortfall; it’s a wake-up call. Retailers must accelerate their digital initiatives to empower their workforce.
James Hughes, Retail CTO, Verizon Business, said, “As retailers tackle loss prevention and real-time inventory tracking through the deployment of AI-powered live video analysis demanding more bandwidth and speed, their networks will be stressed like never before. Retailers continue to venture on their digital transformation journeys and it is imperative to bring together disconnected systems to create powerful, modular and intelligent solutions that can enable new functionalities, smarter insights and faster decision-making.”
Mark Scanlan, Global Industry Lead, Retail at Cisco, said, “What I found most striking about the results of the survey was that there is a distinct gap between the business needs expressed by those responsible for retail operations, and the perceived needs and resultant capabilities provided by their existing technology platforms. This will ultimately result in the business deploying shadow IT solutions to deliver the functionality they need.”
This pivotal shift towards digital transformation highlights the urgent need for integrated, intelligent solutions that not only enhance customer satisfaction and profitability but also streamline operations in an increasingly complex retail environment.
According to the insights, 92% of retailers say improving loss prevention is an important driver of their store technology strategy, up from 52% just a year ago. Almost 98% of business executives and 85% of IT executives cite loss prevention as the most important outcome for investments in-store systems.
