Retailers Show The Path Forward On AI Innovation PYMNTS.com

Retailers are getting smarter about artificial intelligence (AI), and the latest example of that innovative effort comes from Walmart. According to a new report, the retail chain, hoping to reduce checkout theft, is turning to cameras powered by AI, with deployments underway in some 1,000 stores. "The retailer began investing in the surveillance program, dubbed Missed Scan Detection, several years ago in an effort to combat shrinkage -- loss due to several causes including theft, scanning errors, waste and fraud," the report stated. "The AI-powered cameras were rolled out to more than 1,000 stores about two years ago and the retail giant has seen positive results since then, according to Jenkins, who said shrinkage has reduced in stores where the cameras have been added." Artificial intelligence is moving from theory to reality, and that holds true for the world of retail as well.