5 Security Trends in Retail 2020
Posted On: June 4, 2020
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In a race to become more accessible and omnipresent, retail businesses are elbow deep in adopting cutting-edge technologies. Businesses are now moving towards upgrading their traditional systems to platforms that are smart and can function more independently. This is a win-win situation for organizations: it allows them to increase operational efficiency and at the same time minimize redundant OPEX.
But with such exciting advancements, brands have to strive even harder to protect business information, defend against cyberattacks, strategize to implement the new social norms at the workplace, and prepare to reduce shoplifting. According to the National Retail Federation, organized retail crime bleeds the global retail industry of approximately $30 billion annually. The latest security trends in retail are the best measures that provide organization’s 100% protection.
Here are 5 security trends in retail your business can adopt:
Internet of Things
The Internet of Things (IoT) provides a major advantage to organizations to fortify their workplace. It comprises of diversified connectivity solutions. While digital marketplaces are focusing a lot on data-driven decisions basis, website traffic, bounce rate, average duration and more to constantly retarget users; retailers can get such analytics ranging from understanding the impact of light & temperature in a store, buying behavior of consumers and getting heatmaps of their stores to understand areas of high customer attraction and more. Retail managers can also set algorithms in place to keep a constant track of SOP adherence by staff members. With the help of cameras & sensors, brands have seen to get their pilferage & theft count go down
Machine Learning (ML) programs are designed to learn human logic and improve its understanding of patters and preferences from these interactions over time. IGZY’s ML platforms work to recognize an organization’s security concerns. It continuously tracks data points across the infrastructure to detect intrusions, data leakage, and malware to ensure complete protection. It persistently provides recommendations to keep information as well as people safe from internal and external threats. IGZY’s enables businesses to setup rule engines in place regarding store open & close time, which gives instant alerts to local civic bodies as well as your security heads about any untimely intrusion at your properties.
Artificial Intelligence (AI) systems have the power to make better and more optimized decisions imitating human logic at lightning speed. IGZY’s AI-based platforms ensure no threat is undetected and constantly improve its security recommendations with continuous processing of data over time. The data collected by smart devices and sensors are analyzed by ML programs to provide a clear picture of vulnerabilities in safety protocols. AI platforms use these insights to create actionable strategies to protect sensitive data, confidential information, and company assets. AI-based self-diagnostics also enable higher uptime of devices and systems. With the global lockdown revising social distancing norms, AI-powered devices will have the power to ensure these norms are followed thoroughly. Instant notifications will ensure hygiene standards are being maintained at the workplace from time to time.
Radio Frequency Identification
Radio Frequency Identification (RFID) has multiple applications that retail outlets and businesses can adopt. RFID trackers facilitate superior asset security during transportation. Frequent movement of goods and carriers can be tracked with greater precision during movement, ensuring greater control over the supply chain operations. RFID devices are used to monitor access control. Smart ID cards, wristbands can be used as electronic keys that are programmed to control access as per hierarchy. Goods and company assets can be tagged with RFID chips to reduce the risk of theft. Any item being taken out of the business premise without permission would set off the alarms on the scanners at the exits. Use of RFID devices provides effective security measures by automating operating procedures and substantially reducing human error in the entire process.
Retail outlets generate huge of amount data daily; sales figures, client details, consumer feedback, inventory reports, and operational statistics. While they reap benefits by analyzing and acting on insights gained from these huge data sets, all this sensitive information needs to be stored securely as well. Cloud computing plays an important part in the latest security trends in retail to ensure superior protection of such confidential information. According to McKinsey’s insights, almost 33% of retailers will adopt cloud platforms globally by late 2020. Most retail outlets maintain their data on local servers that are prone to various ransomware attacks. Upgrading to IGZY’s cloud server offer protection from such attacks that compromise data. Backed by a command center with veteran security engineers, our platform follows a comprehensive security checklist to prevent data loss and damage to business.
A combination of these 5 modern technologies is the most effective way to completely safeguard a business and its operations. Even during these trying times of a global pandemic and lockdown, a retailer must have the proper tools to stay vigilant. Businesses must have the power to circumvent through crimes and illegal activities remotely. With the help of IGZY, it becomes simple for retail organizations to implement these crucial technologies that are constantly improving to provide proactive e-surveillance and security management solutions. Get in touch with our team of experts to get further details.