TL;DR:
- Swedish tech company Extenda Retail introduces the Self-Service and Loss Prevention (SSLP) solution.
- SSLP addresses the increase in shrinkage in the retail sector, estimated at $100 billion globally.
- The solution integrates with any Point of Sale (POS) application and utilizes machine learning (ML) technology.
- SSLP aims to identify suspicious behavior, prevent loss, reduce shrinkage, and enhance customer loyalty.
- It provides a personalized customer experience and improves operational efficiency and cost reduction for retailers.
- SSLP positively impacts inventory accuracy, replenishment, and fill rates.
- The loss detection engine incorporates AI technology to learn from shoppers’ journeys.
- SSLP solution enhances basket audits, rescans, and can integrate with camera AI technology.
- Extenda Retail’s Chief Product Officer emphasizes the importance of protecting profits while delighting customers in today’s challenging retail landscape.
- The SSLP solution sets a new standard for the industry, empowering retailers to adapt and succeed in a competitive market.
Main AI News:
Swedish tech company Extenda Retail is revolutionizing the FMCG retail sector with its groundbreaking Self-Service and Loss Prevention (SSLP) solution, bringing much-needed innovation to European nations grappling with recessions and economic downturns. As retailers increasingly offer self-serve options like self-checkout and mobile Scan & Go, the surge in self-service convenience has led to a significant rise in shrinkage, estimated to be a staggering $100 billion global problem by Forbes.
Extenda Retail’s SSLP solution is a game-changer that can seamlessly integrate with any Point of Sale (POS) application. Powered by state-of-the-art machine learning (ML) technology, it not only identifies suspicious behavior but also prevents losses and reduces shrinkage, all while bolstering customer loyalty. The impact is two-fold: shoppers benefit from a personalized and exceptional customer experience, while retailers enjoy enhanced operational efficiency, reduced costs, and fortified bottom lines. Moreover, the solution significantly improves inventory accuracy, leading to optimized replenishment and fill rates.
One of the standout features of the SSLP solution is its loss detection engine, which equips retailers with a competitive edge by harnessing the power of the latest AI technology. This advanced system learns from every shopper’s journey, enabling retailers to make informed decisions based on comprehensive insights. Additionally, the SSLP solution enhances the accuracy of basket audits and rescans while seamlessly integrating with other critical systems, such as camera AI technology.
Thomas Staven, Chief Product Officer at Extenda Retail, emphasizes the significance of their Self-Service Loss Prevention offering. He states, “Our Self-Service Loss Prevention offering has been infused with AI and machine learning technology to enhance the customer experience and safeguard profits. We firmly believe that in today’s challenging retail landscape, it is crucial for retailers to protect their bottom line while simultaneously delighting customers.”
Extenda Retail’s SSLP solution sets a new standard for the retail industry, empowering businesses to adapt to the evolving consumer landscape. By seamlessly integrating cutting-edge technology with exceptional customer experiences, Extenda Retail is driving the future of retail and redefining success in an increasingly competitive market.
Conlcusion:
The introduction of Extenda Retail’s Self-Service and Loss Prevention (SSLP) solution signifies a significant development in the market. With the retail sector experiencing economic challenges and an increase in shrinkage, SSLP addresses these issues by offering a comprehensive and innovative approach. By integrating cutting-edge technology, such as machine learning and AI, SSLP enables retailers to enhance customer experiences, reduce losses, and improve operational efficiency. This solution sets a new standard for the industry, providing businesses with the tools they need to adapt and succeed in an increasingly competitive market. Retailers who embrace SSLP will be well-positioned to safeguard profits, increase customer loyalty, and thrive in the evolving retail landscape.
