Retailers are struggling more than ever with “shrinkage,” the loss of goods due to theft, damage, and misplacement, and it is hitting the retail industry where it hurts the most. According to the National Retail Federation’s 2022 Retail Security Survey, conducted in partnership with the Loss Prevention Research Council, the retail industry is trying to address a $100 billion problem, with an estimated 65 percent due to theft. Many retailers are reporting theft has more than doubled recently, driven by rising prices of food and other essentials.
Retailers are struggling more than ever with “shrinkage,” the loss of goods due to theft, damage, and misplacement, and it is hitting the retail industry where it hurts the most. According to the National Retail Federation’s 2022 Retail Security Survey, conducted in partnership with the Loss Prevention Research Council, the retail industry is trying to address a $100 billion problem, with an estimated 65 percent due to theft. Many retailers are reporting theft has more than doubled recently, driven by rising prices of food and other essentials.
However, developers can build loss-prevention applications using NVIDIA Retail AI Workflows. The workflows are built on NVIDIA Metropolis Microservices, a low- or no-code way of building AI applications. The microservices provide the building blocks for developing complex AI workflows and allow them to scale into production-ready AI apps rapidly.
NVIDIA announced three Retail AI Workflows to help developers quickly build and roll out applications designed to prevent theft. The no-code or low-code building blocks for loss-prevention applications come pre-trained with images of the most-stolen products and software to plug into existing store applications for point-of-sale machines and object and product tracking storewide.
According to Read Hayes, director of the Loss Prevention Research Council:
“Retail theft is growing due to macro-dynamics and threatens to overwhelm the industry. Businesses now face the reality that investment in loss-prevention solutions is a critical requirement.”
The NVIDIA Retail AI Workflows are available through the NVIDIA AI Enterprise software suite and include the following:
According to NVIDIA, developers can easily customize and extend these AI workflows by integrating their models. The microservices also make it easier to integrate new offerings with legacy systems, such as point-of-sale systems.
Bobby Chowdary, chief technology officer at Radis.ai, said:
“NVIDIA’s new Retail AI Workflows built on Metropolis Microservices allow us to customize our product, scale rapidly to fit our ever-growing customers’ needs better and continue to drive innovation in the retail space.
Infosys is also developing state-of-the-art loss prevention systems leveraging NVIDIA’s workflows to help them deploy solutions faster and scale across stores and product lines.
Engage with StorageReview
Newsletter | YouTube | Podcast iTunes/Spotify | Instagram | Twitter | TikTok | RSS Feed
iXsystems has launched the TrueNAS Enterprise H-Series platforms, designed to give organizations ultimate performance. The H10 model is now available,…
Hannover Messe 2024 represents a significant event in the global industrial sector, serving as the world's largest industrial trade fair.…
The IBM Storage Assurance program offers access to the latest FlashSystem hardware and software, supporting investment protection from day one.…
Proxmox Backup Server 3.2 has been released - open-source solution designed for backup of VMs, containers, and physical hosts. (more…)
IBM has unveiled the FlashSystem 5300, setting a new standard for entry-level all-flash storage systems by providing impressive performance, high…
Proxmox Server Solutions has released the latest update to their server virtualization management platform, Proxmox VE 8.2. (more…)