Shoplifting tech Veesion launches in the UK - Business Leader News

Shoplifting tech Veesion launches in the UK

Veesion, the AI solution that detects shoplifting in real-time, has officially launched in the UK.

Shoplifting is a plague for the global retail industry: shrinkage amounts to more than $100 billion per year. According to a recent study by Retail security in Europe, UK retailers are losing almost £11 billion annually – the most of any country in Europe – due to 1,000-plus daily incidents of shoplifting, food waste and soaring internal theft. The report also found that stores were spending a total of £3.09 billion on loss-prevention measures without significant results.

“Today less than 5% of thefts are detected on the sales floor, and security budgets tend to decrease (when they can actually generate substantial savings for businesses,” explains Benoit Koenig, Co-founder of Veesion.

It is in this context that Veesion is rapidly expanding internationally, particularly in the UK with already over 100 stores equipped in the first few weeks of operations.

The software, based on active learning, reinforces the performance of security guards and employees with one objective: to reduce shrinkage.

Veesion works by connecting to the video surveillance system already installed in the store. When the software detects a theft, it sends an alert to the connected devices (computers, tablets and cell phones). Upon receiving the alert, security officers and staff can intervene with visual evidence.

The technology also incorporates “active learning,” which means it is constantly improving performance based on stored data.

Veesion’s commercial offering launched in 2021 and continues to grow with the help of a €10 million fundraising round that took place early in 2022. Veesion now equips more than 2,000 retail outlets in over 20 countries, including France, Spain, Italy, Portugal, Netherland, Brazil, Canada, the USA and now the United Kingdom.

“We have the opportunity to respond very quickly to a growing international demand, while keeping a product accessible, both in terms of daily use and price,” concludes Koenig.