Supermarkets, with their lower profit margins, are particularly vulnerable to sweethearting, which has accounted for an almost 35% profit loss industry wide.
Tom Perkins, Director of Loss Prevention at Hannaford Supermarkets, based in Scarborough, Maine, which has implemented a pilot program using StopLift, said: “Having the Stoplift technology in place has enabled us to discover losses that we were previously unaware of. This is one of the most significant leaps in loss prevention technology I’ve seen in more than a decade. Despite several new kinds of loss prevention technology available to us, none of them has addressed sweethearting.
StopLift Checkout Vision Systems grew out of Kundu’s Harvard Business School research study "Project StopLift" on Retail Loss Prevention. With technological research insights Kundu developed while at MIT, Project StopLift concluded that video recognition could be used to automate and, thus, make possible the comprehensive examination of surveillance video. Prior to founding StopLift, Kundu developed facial recognition systems for identifying terrorists in airports.
* The 2008 National Retail Security Survey reports that $36.3 billion was stolen at U.S. retail stores. The survey is a collaborative effort between the National Retail Federation (NRF) and the University of Florida.