Panoptyc and 365 Retail Markets
365 Retail Markets prides itself on the partnerships they create with other organisations that enhance the overall MicroMarket experience.
These strategic partnerships are developed with operators in mind and brings them more opportunities, offerings and options that not only helps their business grow but provides more to their customers.
A partnership that 365 is having success with is MicroMarket theft detection software company, Panoptyc.
Panoptyc has helped crack the industry’s concern with theft by leveraging artificial intelligence through a software and hardware solution to recognize theft and alert MicroMarket operators of suspicious behavior.
Food Operators lose approximately 1-10% in theft shrinkage in each location equating to hundreds of thousands of dollars lost annually. Their goal is to reduce shrink for market operators, help operators overcome the customer theft objection, and save countless hours that employees spend watching footage.
‘Let me make it clear from the get-go that theft is not so large of a problem that it should stop you from installing a micro market.’ Mac Bolak
‘Let me make it clear from the get-go that theft is not so large of a problem that it should stop you from installing a micro market’, Mac says. ‘You’re still coming out ahead, because you are able to make so much more money versus a vending machine. We’ve established that the shrink-to-theft is about 4%, which is around $3,000 in the average micromarket; virtually double that of attended retail. So, that’s not as bad as someone on the outside might think, but also, there’s a lot of room for improvement and that’s where Panoptyc comes in.’
Mac describes his operation as ‘a virtual loss prevention team’. ‘We detect the most suspicious behaviour at micromarkets, we look for data anomalies or suspicious things in the data. Then we use what our cameras are seeing, basically through computer vision, which is a sub-component of Artificial Intelligence. Then, we investigate to determine whether the reason for the ‘blip’ is theft. If we conclude that it is, we provide our customers with the data and the images that prove it.’
The obvious question comes next, followed by the obvious answer. Q: ‘What kind of data anomalies?’ A: ‘If I tell you, that makes our system less effective.’ Fair enough.
‘The thieves might stop doing something that is a data anomaly’, Mac says. ‘We’re looking for someone who’s acting oddly, who’s transacting oddly. When we get ‘different from normal’, we’re going to review it.’
‘We’re detecting theft, we’re putting a bow on it.’ Mac Bolak
Panoptyc sells its services on the basis of a license and there are various levels of service from which operators can choose. ‘The first level is full access to our virtual loss prevention team’, Mac says. ‘That’s where we’re detecting the theft, we’re putting a bow on it; all the customer has to do is go enforce it. So that’s the full service. The ‘self service’ is where we supercharge your own team, we give you the data we’re finding and we tell you which video time stamps you should go look at. So, instead of the search for theft being like looking for a needle in a haystack, we show you the exact five pieces of hay you should concentrate on.’
Clearly, the use of cameras is an important weapon in the fight against crime, but Panoptyc customers do not necessarily have to replace their existing security equipment to enjoy the benefits of 24/7 protection. ‘We can work with customers’ existing cameras most of the time’, Mac says. ‘Naturally, we have developed our own camera equipment that’s designed specifically for our purposes and help operators get round bandwidth and firewall issues. We think they’re the ideal solution for installation in and around micromarkets. ‘
Human nature dictates that when Panoptyc equipment has been installed and employees know that video recordings are being scrutinised by the Panoptyc team and that transgressions are being identified; theft becomes an increasingly less attractive proposition. ‘In some instances where we’ve been brought in, theft has gone unchecked for years’, Mac says. ‘Normally, when a micromarket is first installed, theft is a lot lower; but people just get comfortable over time. A thief steals once and thinks, ‘oh man, I got away with that’ and the next thing you know, they’re stealing everyday. But once you know that somebody’s watching, maybe when some kind of enforcement happens, whether that’s just a talking to or someone gets fired, then that definitely puts a plug in it.’
Not surprisingly, the partnership between 365 Retail Markets and Panoptyc continues to go from strength to strength.
Learn more about how easy it is to integrate 365 Retail Markets technology with Panoptyc. Simply click HERE to make contact.
*More about 365 Retail Markets on Planet Vending is HERE