Deep North, the intelligent video analytics company, today announced the launch of Checkout IQ, its new retail loss prevention solution, which uses computer vision and AI to reduce shrinkage at checkout. The release reflects Deep North’s ongoing commitment to empower retailers with data-driven tools to keep their businesses competitive, maximize revenue, and offer great customer experiences.
With shrinkage at an all-time high and an increase in organized retail crime, Deep North is providing a new way for retailers to prevent fraud loss and improve their bottom line.
Designed to help retailers reduce retail fraud activities, Checkout IQ works with retailers’ existing camera systems. By analyzing camera views, the application identifies items that are being scanned by the customer or the cashier, and this count is cross-referenced with the POS item count to detect any discrepancies. If there is a discrepancy between the two counts, the managers receive an alert in real-time, via mobile or any other system of choice, enabling them to intervene before the transaction is completed. This allows the managers to manually approve a transaction that comes into question. Checkout IQ provides retailers with a seamless way to monitor and rectify potential thefts, prevent unintentional billing errors, and address other retail fraud activities such as employee/customer collaborations. The technology also improves the customer experience by preventing items from being out of stock unexpectedly due to theft.
“The past couple of years have brought a major shift to the shopping landscape, and brick-and-mortar retailers have had to adapt through digital transformation and innovative store operations technologies,” said Rohan Sanil, CEO and co-founder of Deep North. “The need for actionable data is particularly important now given that asset loss at checkout is extremely high, and investing in a loss prevention solution can have a positive impact on revenue and foster a great customer experience.”
The launch of Checkout IQ comes on the heels of Deep North’s recent $16.7M Series A-1 funding announcement, which was led by Celesta Capital and Yobi Partners.