California-based intelligent video analytics company Deep North has launched Checkout IQ, which uses computer vision and AI to reduce discrepancies at checkout.

With shrinkage at an all-time high and an increase in organised retail crime, Deep North is providing a way for retailers to prevent fraud loss and improve their bottom line.

Designed to help retailers reduce retail fraud activities, Checkout IQ works with retailers’ existing camera systems. By analysing camera views, the application identifies items that are being scanned by the customer or the cashier, and this count is cross-referenced with the PoS item count to detect any discrepancies.

If there is a discrepancy between the two counts, the managers receive an alert in real time, via mobile or other system of choice, enabling them to intervene before the transaction is completed. This allows managers to approve a transaction manually that comes into question.

Checkout IQ provides retailers with a seamless way to monitor and rectify potential thefts, prevent unintentional billing errors, and address other retail fraud activities such as employee-customer collaborations. The technology also helps prevent items from being out of stock unexpectedly due to theft.

“The past couple of years have brought a major shift to the shopping landscape, and brick-and-mortar retailers have had to adapt through digital transformation and innovative store operations technologies,” said Rohan Sanil, CEO of Deep North. “The need for actionable data is particularly important now given that asset loss at checkout is extremely high, and investing in loss prevention can have a positive impact on revenue and foster a great customer experience.”

The launch of Checkout IQ comes on the heels of Deep North’s recent $16.7m series A-1 funding announcement, which was led by Celesta Capital and Yobi Partners.

Deep North helps businesses achieve better outcomes through its video analytics and AI platform for the physical world. Its end-to-end software combines computer vision with deep-learning technologies to help retailers and businesses deliver metrics such as footfall, conversion, consumer demographics, dwell times and shopper journey, helping retailers and businesses make strategic decisions in real time. Deep North is used by Fortune 500 retailers for strategic planning and day-to-day store management to boost in-store sales conversion, reduce costs and improve consumer experiences.