2017 Retail Industry Risks

Retail Industry Risks chartsRetail Industry Risks charts

Retail businesses reported greater concerns than businesses overall about attracting and retaining talent, the impact of the global economy and e-business, which is the increasing use of digital, including mobile, platforms to conduct commerce, and make online purchases.

In particular, retailers were concerned about driving risks. Nearly half (48%) reported the use of personal vehicles for business, and 51% reported worrying a great deal or some about potential business liability tied to the use of these personal vehicles. Thirty-one percent of retailers also reported worrying a great deal or some about employees having driving accidents, and distracted driving and inexperienced drivers also rank among retailer concerns.

Fewer than one in three retailers (29%) said they were very confident that they are properly insured. They are concerned about legal liability, with 48% reporting worrying a great deal or some. Worries about financial issues affect 43% of retailers either a great deal or some, and 29% also report concerns about corporate reputation.

Cyber exposure, again, is a leading worry for retail businesses, with only one in five very confident in their ability to mitigate a cyber incident. Twenty-nine percent selected a cyber attack as among the top risks they are the least prepared for. Among the leading cyber worries for retailers: their computers becoming damaged or going down, and the potential for theft or loss of control of their consumer or client records.

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