In response to the escalating challenge of retail shrink, which rose to over $112 billion in 2022, retailers including Target (TGT), Walgreens (WBA) and Home Depot (HD) are investing in AI-powered technology. The goal? To preserve a good shopping experience while also fighting theft, a problem that’s impacting margins and causing safety concerns. The scope of the theft problem is hard to measure, though mentions of organized retail crime rose by 43% on earnings calls in the first half of 2023. To find clarity on this issue, Yahoo Finance explores a first of its kind, AI-driven heat map that could empower retailers to share real-time crime data with each other, and gets an exclusive look at the Department of Homeland Security’s response to the rise in organized retail crime, which they say is about much more than petty shoplifting. If you’re going to future-proof your portfolio, you need to know what’s NEXT. In this series, Yahoo Finance will feature stories that give a glimpse at the future, and show how companies are making big moves today that will matter tomorrow.For more on our NEXT series, click here, and tune tune in to Yahoo Finance Live for more expert insight and the latest market action, Monday through Friday.
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Retailers are working together on AI-powered technologies aimed at preventing theft.