LP Magazine

JUL-AUG 2019

LP magazine publishes articles for loss prevention, asset protection, and retail professionals covering shrinkage, investigations, shoplifting, internal theft, fraud, technology, best practices, and career development.

Issue link: http://digital.lpportal.com/i/1146652

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Page 52 of 76

BIOMETRICS: RETAIL'S BEST KEPT SECRET A s the digitalization of retail increases and becomes the new normal, retailers are being forced to adapt and respond to this new business model—or face a dismal and shrinking future. Forward-thinking companies are reimagining what it means to be a brick-and-mortar retailer, inventing new ways to attract customers to their stores while engaging in-store customer experiences and near real-time delivery of product. All these innovations are designed to create a memorable experience so that the customer wants to return. More than ever, this digitalization has placed IT departments in the limelight as strategic partners in reinventing retail and driving revenue. However, the "opportunity" to transform retail is fraught with danger. Retail has traditionally been a fairly risk-averse sector, and the huge investment in technology and systems required to compete in today's market is an uncomfortable reality. Retailers are challenged to make these IT investments fast enough to remain competitive. Added to their concerns is the very real possibility that they might not achieve the desired results, or that these seemingly open-ended investments might coincide with an economic slowdown. The truth is that revenue expansion—or, at the very least, preservation—is a critical part of the profitability equation. Another part is loss prevention and asset protection, Simply put, biometrics are any metrics that derive data from the features of a human that uniquely identify that person. Fingerprints, palm prints, eyes (retina and iris scans), faces, handwriting, voices, and DNA are some examples—with fingerprint biometrics being the most frequently used. 52 JULY–AUGUST 2019 | LOSSPREVENTIONMEDIA.COM

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