NCR said on Tuesday that it's buying StopLift Checkout Vision Systems, makers of computer vision systems for retail point of sale. NCR, a predominate maker of point-of-sale terminals, plans to integrate StopLift's AI capabilities into its POS portfolio. "This acquisition will help NCR accelerate growth in our market-leading self-checkout and store transformation solutions," said NCR chief executive Michael Hayford. "In addition to creating new value for our retail customers around the world, StopLift's fraud detection technology will be a key enabler of our frictionless commerce product strategy." Theft at the self-checkout is an ongoing issue for retailers, and there are a bevy of systems out there that work to prevent retail shrinkage.
The convergence of AI, 5G and edge computing is unleashing unprecedented opportunities for retailers in areas like customer experience and smarter AI-enabled stores. Attendees of NRF 2020, the world's largest retail expo, taking place Jan. 12-14 in New York, can see how NVIDIA is working with some of the most innovative solution providers to re-invent the retail industry. NVIDIA's edge computing offerings are powering ready-to-use AI applications that reduce shrinkage, optimize logistics and create operational efficiencies. The NVIDIA EGX edge computing platform enables retailers to scale the power of AI beyond data centers into local environments where data is gathered, such as in-store aisles, checkout counters and warehouses. Among them is AnyVision (NRF booth 1727), whose Store Insight software generates intelligence about customer behavior inside stores to optimize merchandising decisions.
The online uses and benefits of AI have been well documented and utilised, but now in-store retail is starting to unlock the possibilities of AI. The maturity of smartphone technology is helping to drive this, with real time data being harnessed to make targeted suggestions based on an individual's location, personal preferences, and past behaviour. However, the use of AI enabled self-service checkouts is one area where AI is really starting to impact a consumer's daily life. Self-checkouts have been transforming the shopping experience for over two decades, reducing queue times, and helping retailers use floor space more effectively due to the smaller space required for their operation. However, self-checkout manufacturers are now working to take advantage of the latest technology innovations to improve the experience for all customers and retailers.
Now that we've entered the largest retain season of the year, it is the perfect time to turn attention to cyber security defenses and fraud protection. Alarmingly, 96% of all ecommerce businesses have reported some form of fraud attack at their organization, with account takeover landing in the top three, according to Merchant Risk Council's 2019 Global Fraud Survey Results. Retailers need to prioritize proactive fraud management more than ever as the threat of fraudulent online activity continues to rise, especially as more consumers store payment, billing and shipping information with retailers directly. In order to catch fraudsters quickly and efficiently, retailers must consider the use of technology and machine learning – where it works, where it doesn't and where it's costing retailers. From new automated technologies to manual review processes, ensuring that these methods apply across all channels is vital, here's what retailers need to know in order to stay ahead of the fraud game.
One of the more interesting artificial intelligence (AI) technologies to gain popularity in retail is computer vision. Computer vision solutions automate the process of collecting digital images and analyzing them at an in-depth level to inform decision-making. Essentially, computer vision allows a machine to "see" things and events, make judgments and react accordingly in the same way a human does. Computer vision is having a profound effect on almost every major industry, with retail no exception. In particular, retailers are finding that computer vision solutions are crucial components of the seamlessly blended digital-physical store experience customers seek.