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Small Business Challenges: Retail Risks

The dynamic of shopping has shifted entirely in recent years. With most people preferring to shop online from the comfort of their own homes, there has been a significant change in the retail experience within the last few years, in addition to growing security risks. In this series of articles, we’ll discuss the major challenges that retailers face. Regardless of your size or type of store, protect your operation with an iron-clad Miami Retail Insurance program.

Economy fluctuations.

Like all businesses, retailers are at risk from ups and downs of the economy. Protect your store as best you can by staying on top of economic news about your local market as well as regional and national ones. Having a diverse customer base can help buffer you against economic changes that drastically affect your target customers’ spending. Or try adding an e-commerce component to your business so you can reach a wider market (or even sell internationally), says Small Business Trends.

Cyber-attacks.

The growing reliance on technology might streamline processes, but it creates an opportunity for hackers to steal confidential data and information. Secure your network, require two-step password authentication for logins, and restrict access to your Wi-Fi.

IT systems.

Going hand in hand with the above-mentioned point, protecting your networks and staying on top of current technologies is critical for your brand. Investing in technology to serve your customers quickly and with ease will pay for itself in the long run.

Labor costs.

In addition to paying for network security measures and technological advancements, retailers also have to navigate new labor laws. In today’s competitive environment, it’s more important than ever that your store is sufficiently staffed. Make your store a good place to work, offer competitive pay, and be willing to train employees who have great attitudes but not much retail experience, and labor will be a lot easier to attract and retain.

About Advanced Insurance Underwriters

At Advanced Insurance Underwriters, we offer specialized programs to safeguard retailers like you. For more information about our products, give us a call today at (800) 660-7734.

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