Retail Operations Beyond Facial Recognition to Solve Loss Prevention & Retail Shrinkage in 2024.

The use of cameras in retail operations is a crucial measure to enhance security and operational efficiency. In Australia, there has been considerable attention given to facial recognition technologies in retail stores. In August 2023, The Office of the Australian Information Commissioner (OAIC) conducted a survey to gauge citizens' attitudes towards privacy. The findings revealed significant insights: 

• Data privacy ranks as the third most important factor when choosing a product or service, following quality and price. 

• 61% of Australians express discomfort with businesses using artificial intelligence to make decisions about them based on their personal information, with only 13% feeling comfortable. 

• 93% of Australians believe they should have the right to request businesses to delete their personal information. 

Although many retail chains in Australia have garnered attention for their expanded use of surveillance systems, primarily focusing on facial recognition and data sharing, it is important to note that there are countless other opportunities that can benefit retail operators. These opportunities include improving customer experience, reducing inventory loss, and increasing the average shopping cart size. 

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