november2024 - 32

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THEFT PREVENTION
Many retailers say theft is forcing them to shutter stores or lock down most
products. Such problems are not limited to retail: micro markets suffer similar
losses. Traditional security methods and advanced technology can help.
By Bob Tullio
A
CCORDING TO THE 2023
Automatic Merchandiser
State of the Industry
Report published in June,
more than 42,000 active micro markets
are being operated in the United
States. Since the very first micro
market was placed over a decade
ago, product theft - also known as
" shrink " - has been an active topic
of conversation, and a bit of mystery.
What is the real shrink level in micro
markets, and how can operators
mitigate it in a cost-effective way?
In that same study, operators
were asked to identify their average
level of micro market theft. While
3% optimistically said they were at a
0% shrink, the vast majority fell into
the 3% to 7% range.
USING AI TO
CONTROL SHRINK
One might conclude from the report
that the shrink situation isn't that
bad and that, generally speaking,
32 Automatic Merchandiser * November 2024
operators have it covered. Bridger
Keally, sales manager of Panoptyc,
isn't so sure. Panoptyc is one of three
micro market security providers in
the industry that are taking a high
tech approach - often using AI -
to keep micro market shrink levels
under control.
" Operators come to us for a
few different reasons. The most
prominent issue is that they're
struggling with theft, obviously.
When you've got a self-checkout, it's
an inherent risk. We have seen the
industry average at around 6% across
the board recently, and it's obviously
tough seeing that profit slip away, "
said Keally. " In many situations, that
number is much higher. "
" Second reason is labor. The
operators are super busy working
on growing their business,
managing accounts, all that stuff.
And it's frustrating when they
have people sitting and reviewing
footage for hours, managing shrink,
instead of working on growing the
business. And the third part is the
outdated camera systems that have
been standard for quite a while. Just
dealing with those DVR swaps is a
pain. Our system was built around
addressing those three core pain
points that most operators share, "
he added.
Keally said Panoptyc offers a
variety of options for operators
to attack micro market theft with
different levels of service. " On a high
level, there are two main features.
One is theft detection. That is
software that looks for a variety of
suspicious behaviors that take place
in a market, " he said.
" Once that suspicious behavior
occurs, we have a team that goes in
and validates those incidents and
compiles them into a report that we
send to operators, so they can communicate
issues to their clients easily.
That's the core feature of Panoptyc
- looking at red flags and having

november2024

Table of Contents for the Digital Edition of november2024

Editor's Note – Online learning, live and on-demand
Industry News
Elevate your sales success rate
Success Story – Be Better, Be Different
2024 Pros to Know Winners
Preventing micro market theft with technology
Capturing recurring revenue in OCS and micro markets
Product Focus – RTD Beverages
Social Hubs
november2024 - CoverTip1
november2024 - CoverTip2
november2024 - 1
november2024 - 2
november2024 - 3
november2024 - 4
november2024 - Editor's Note – Online learning, live and on-demand
november2024 - Industry News
november2024 - 7
november2024 - Elevate your sales success rate
november2024 - 9
november2024 - 10
november2024 - 11
november2024 - Success Story – Be Better, Be Different
november2024 - 13
november2024 - 14
november2024 - 15
november2024 - 16
november2024 - 17
november2024 - 2024 Pros to Know Winners
november2024 - 19
november2024 - 20
november2024 - 21
november2024 - 22
november2024 - 23
november2024 - 24
november2024 - 25
november2024 - 26
november2024 - 27
november2024 - 28
november2024 - 29
november2024 - 30
november2024 - 31
november2024 - Preventing micro market theft with technology
november2024 - 33
november2024 - 34
november2024 - 35
november2024 - Capturing recurring revenue in OCS and micro markets
november2024 - 37
november2024 - 38
november2024 - 39
november2024 - Product Focus – RTD Beverages
november2024 - 41
november2024 - Social Hubs
november2024 - 43
november2024 - 44
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