Extenda Retail launches loss prevention engine powered by machine learning to tackle self-service retail challenges
With many European nations in the midst of recessions and economic downturns, Swedish tech company Extenda Retail is shaking up the FMCG retail sector with its revolutionary Self-Service and Loss Prevention(SSLP) solution.
STOCKHOLM, May 26, 2023 /PRNewswire/ -- Retailers are increasingly offering self-serve options to in-store consumers ranging from self-checkout to self-scan, and mobile Scan & Go. And with the boom of self-service comes the inevitable increase in shrink which Forbes now estimates to be a $100Bn global problem.
SSLP can be implemented alongside any Point Of Sale (POS) application. It includes the latest machine learning (ML) technology to identify suspicious behavior, prevent loss and reduce shrinkage, and at the same time increase customer loyalty.
The Self-Service and Loss Prevention package provides shoppers with a personalized and standout customer experience. Armed with the latest Self-Service technology, store employees use their time more efficiently, store managers experience a dramatic reduction in operational costs, and decision-makers protect their bottom line. The impact on inventory accuracy will also improve replenishment and fill rates.
The loss detection engine gives retailers a competitive edge by integrating the latest AI technology that learns from every shopper's journey. Additionally, the SSLP solution boosts the accuracy of basket audits and rescans, and can integrate with other vital systems such as camera AI technology.
Extenda Retail's Chief Product Officer, Thomas Staven, comments, "Our Self-Service Loss Prevention offering has been infused with AI and machine learning technology to enhance the customer experience and safeguard profits. We believe that in today's challenging landscape, it is essential for retailers to protect their bottom line, yet at the same time delight customers."
About Extenda Retail
Extenda Retail inspires retailers to go further through frictionless, game-changing software, which helps retailers grow their business and optimize staff and customer experience. Their extensive portfolio of solutions includes Hii Retail (Cloud Retail Software), POS & Checkout, WMS, Customer Intelligence & Loyalty, and Pharmacy Software. With over 40 years as an industry leader in retail software development, hundreds of retail chains in over 37 countries across the globe now utilize solutions by Extenda Retail.
Carolin Jaques, Marketing Director, Extenda Retail
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