Malay Kundu, Founder and CEO of StopLift Checkout Vision Systems, has won the Innovative Solution Award for the best Software Application at the Innovation Solution Awards sponsored by the Retail Solution Providers Association (RSPA).
The award was presented at the RSPA’s Awards Program during RetailNOW 2014 in Orlando, Florida.
Criteria included: solving a problem, driving innovation, delivering ROI and creating something unique and cool.
Kundu’s company StopLift created ScanItAll, which detects all unscanned items at the checkout, the Achilles heel of retailers and supermarkets and an estimated $14 billion annual cause of shrink. Until now, there was no way to track unscanned items, because there was no data trail.
StopLift’s ScanItAll uses installed POS and overhead video cameras and interprets cashier and customer body motions at the manned and self-checkout. The system analyzes pixels in real time to identify fraudulent behavior, such as failing to scan, covering a barcode, leaving items in the shopping cart, and circumventing the weight scales. Retailers are alerted the first time a fraudulent incident occurs, significantly reducing shrinkage, deterring future theft, and boosting profitability. They use ScanItAll to not only monitor suspicious employee behavior but also improve training.
StopLift’s new Self-Checkout Accelerator improves the self-checkout experience by identifying legitimate behavior, e.g. a purse on the weight scales, while also flagging unscanned store items.
Kundu founded StopLift after leading a field study on preventing retail shrinkage while earning his MBA at Harvard Business School. Retailers told him that much of the shrinkage occurs at the checkout, and that most of the video surveillance is never viewed.
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