AI Joins the Loss Prevention Team

Retail shrink, which measures how many fewer items a store actually has in stock as compared to its recorded inventory, is a problem that has been plaguing retailers more in recent years than ever before. The National Retail Federation (NRF) reported late last year that retail shrink is now responsible for nearly $100 billion in losses for retailers each year in the United States. There are a number of factors that can contribute to retail shrink, but the largest is shoplifting. A national survey conducted by the NRF concluded that 73.2% of retailers experienced an increase in shoplifting in the past year, which highlights the importance of urgently addressing this problem.

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