The National Retail Federation reported that in the past five years, shrinkage has increasingly become a $100 billion problem for retailers.
Now, tech companies are getting involved to help fight theft in the retail industry.
As we start the new year, this week we release our Q4 Benchmark and look into four trends that will shape retail in 2023.
THIS WEEK’S HIGHLIGHTS
- Nvidia theft: Nvidia unveils new AI workflows to help the retail industry with loss prevention.
- Holiday recap: 5 trends that shaped the holidays in 2022.
- Q4 Benchmark Report: Click HERE to see how your store compares to the industry average.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Four Trends That Will Shape Retail In 2023
At the beginning of each year, Forbes selects key trends that they see driving the industry in the year to come.
As inflation continued to affect consumers, the global apparel resale market grew an estimated 30.1% to $182.4 billion in 2022 according to data and analytics company GlobalData.
Resale ticks two very important boxes. Second-hand shopping is not only an environmentally-friendly option but it also offers lower prices and value for money.
This rapid growth is set to continue, with a forecast of 85.5% growth between 2022 and 2026, taking global apparel resale spend to $338.4 billion.
Nvidia unveils new AI workflows to help the retail industry with loss prevention
The National Retail Federation reported that in the past five years, shrinkage has increasingly become a $100 billion problem for retailers. Digging into shrinkage, the NRF says an estimated 65% of it is due to theft alone.
Enter Nvidia. Known for developing and manufacturing graphics processing units, the company announced three new Retail AI Workflows as part of its NVIDIA AI Enterprise software suite.
The workflow was pretrained with hundreds of images of the most-stolen products — such as detergent, alcohol, over-the-counter medications and even steak — so that the AI could recognize the variety of shapes and sizes that the bottles and packaging come in. New products scanned during checkout become part of the training as well.