In this episode of Retail & Change, presented by CPI’s Thoughtcast, host Rob Blythin talks with Phil Nutter. Phil is a seasoned expert in loss prevention from iRetailCheck, a company that develops cutting AI Video Analytics that automate loss prevention surveillance tasks at staffed checkouts, self-checkouts and store exits. Together they delve into the innovative strategies reshaping retail's approach to minimizing shrinkage in checkout lines and self-checkouts.  

Phil shares his journey from traditional loss prevention methods to the forefront of technology-driven solutions. "I've been in the loss prevention business for around 30 years, focusing on issues like items left behind, inside, underneath, or behind shopping carts, and controlling shopping cart traffic at checkouts," he says. He emphasizes the shift towards technology that adapts to various retail scenarios without extensive customization. 

"Our technology uniquely combines experience from diverse sectors like satellite imagery, aerospace, and healthcare to solve retail's pressing issues," Phil explains. He highlights the plug-and-play nature of their solutions, making them accessible and user-friendly. "It's thrilling to deliver technology that is simple to install, use, and scale, based on eight years of real retail experience," he notes. 
 

Addressing the expansion into self-service checkout solutions, Phil points out, "We've entered the self-checkout arena to manage scanner avoidance, driven by market demands." This move reflects the increasing necessity to adapt to the growing preference for self-service options among consumers. 

He also discusses the hurdles of integrating new technology with existing retail systems. "Our approach ensures our solutions stand alone. We avoid deep integration into customer POS systems to make our technology adaptable to legacy installations," he states. 

Looking ahead, he is optimistic about expanding into new markets, particularly in the Americas, as iRetailCheck seeks to penetrate North America and South America this year. “The challenges are there, but remote business has taught us how to manage installation and integration effectively," he says. "The upcoming months are promising. We're ready to tackle new markets and continue our mission to reduce shrink effectively." 

For more insights and to join the conversation on retail innovation, follow us on LinkedIn and follow Retail & Change on your favorite podcast platform, including Spotify. 

More from CPI

https://www.linkedin.com/company/crane-payment-innovations 

https://twitter.com/CPI_Official 

www.youtube.com/@CranePaymentInnovations 

Integrated and automated payment technology | CPI (cranepi.com) 

CPI (vimeo.com)