AI Startup Predicts and Prevents Shoplifting Before It Happens

AI Startup Veesion Predicts Shoplifting

A Paris-based artificial intelligence (AI) startup, Veesion, has developed an algorithm capable of predicting if a potential shopper is trying to steal items. The company claims its technology can recognize gestures that indicate potential retail theft, thereby preventing shoplifting before it occurs.

Deployed in 5,000 Stores

Veesion's AI-powered technology is currently deployed in 5,000 stores across Europe, Canada, and the US. The company recently raised Rs 373 crore ($43 million) in a Series B funding round to further expand its operations. Founded in 2018, Veesion aims to address the limitations of traditional surveillance systems, which often leave most CCTV footage unwatched due to a lack of staff or resources.

Addressing a Critical Retail Issue

Benoit Koenig, cofounder of Veesion, explained the inspiration behind the technology: 'I happen to have an uncle in Paris that runs and operates three supermarkets, so I exactly know what shoplifting represents for retailers.' Veesion's system does not require biometrics or the storage of personal data to identify potential shoplifters. Instead, it integrates into existing store setups and is controlled through a mobile app that delivers real-time alerts to staff.

How It Works

The algorithm analyzes security footage, detects shoppers, and identifies their movements. It also recognizes various objects such as merchandise, carts, baskets, or bags. If a certain movement, such as unusual product handling or concealment, is deemed suspicious, the video clip is flagged and sent with additional details to the security team.

Real-World Impact

According to Koenig, one of Veesion's US clients was able to cut their losses from the health and beauty section in half within the first three months of implementation. The technology can also help reduce employee theft, which is estimated to cost retailers as much as shoplifting does. 'It has an internal deterrent effect. They know there is an AI in the cameras, so they're going to be careful with what they do,' Koenig added.

Reducing Staffing Needs

Implementing the technology can also help reduce staffing needs as the entire process is automated. This automation not only saves costs but also ensures a more consistent and reliable security presence in stores.

A New Era in Retail Security

Veesion's innovative approach to retail security is setting a new standard in the industry. By leveraging AI to predict and prevent shoplifting, the company is helping retailers protect their assets and improve operational efficiency.