Koenig, whose uncle owns supermarkets in Paris, understands the retail pain points firsthand. Veesion’s approach focuses on preventing theft before it happens, rather than relying solely on punitive measures.
Results and Expansion
- One U.S. store using the tech cut losses from its health and beauty section by half in just three months.
- The system has an 85% accuracy rate, with most alerts deemed relevant by retail security teams.
- Veesion recently raised $43 million in Series B funding to expand its U.S. operations.
“It’s not glamorous, but the ROI is quite direct. You’re going to arrest shoplifters, recover inventory, and save money,” Koenig said.
This AI security tech has the potential to reduce not just shoplifting, but also employee theft, which, according to the National Retail Federation, can cost retailers as much as theft by customers.
Customer-Friendly Ai Security Tech
Retailers like Walmart and Target have increasingly turned to AI to prevent inventory shrinkage, often locking up products or limiting self-checkout. However, these methods have also frustrated customers and hurt sales.
