Most Common Threats to Retail Properties
Retail is widely accepted as a leading economic indicator, so it can be helpful to keep in mind when the economy is growing, more consumers will be going shopping. On the other hand, when a recession is on the horizon, stores are doing less business and consumers stay put with their wallets.
COVID-19 has had a widespread impact on the retail sector, forcing them to cater to new customer demands while managing a fragile supply chain. Retail remains resilient as the pandemic has shed light on its strengths. Looking ahead, retailers need to remain vigilant with risks for the next decade. These risks will affect your commercial property security.
With the right security partner, you can have a plan with the security services and safety measures in place to enhance your commercial security. Here we explore the potential risks facing retailers like you and your business security.
The Impact of COVID-19
It is safe to say that the world has changed since COVID-19. The goods and services we buy are different, and we’re more concerned with how they impact us and our children. With companies going through lockdowns often in today’s business world, it has been common for retailers to start using digital methods.
Digitalization has changed shopping habits around the world. These changes have created a shift where consumers go to purchase products online instead of in stores. This means your warehouse security needs to be in excellent shape. Emergency preparedness and protocols for handling a higher volume of inventory should be part of your overall security program.
The number of businesses and websites that are facing risks of closure is on the rise. Going digital is not reserved only for bigger brands; smaller retailers of all kinds should also consider it as well. While digital communication is a good idea, it’s important to properly assess its value on a case-by-case basis. This is especially alarming because paid ads are getting more expensive and may not be feasible for every business.
Retailers need to adjust their business model and buy into the new purchasing power of consumers before they get left behind.
Retailers are more vulnerable to cybercriminals than ever, however, the increased use of e-commerce environments has also made digital-based businesses more lucrative for hackers. Online shopping increases the vulnerability of digital retail businesses. More data processed can lead to breaches. How does this affect your commercial property security? Digital systems within your business also include cloud-based protection for digitized security systems. With remote access being a big part of optimizing businesses, cybersecurity is now linked to warehouse security and general commercial security.
Cybersecurity should be a top priority for any retail business looking to get onto the e-commerce wagon.
There are certain ways in which your online presence can help you become cyber-secure. The only way to stay safe is to continually improve your cybersecurity at all times.
Non-competitive Supply Chain Management
Amazon has earned a reputation for being innovative and successful. The company’s power to deliver products at low prices has also made it the most popular among consumers, causing many companies to struggle. It’s hard for big retailers to compete with Amazon.
You need somewhere to store your info, and it won’t do if you don’t have a good ecosystem of brick & mortar stores. This can result in them making less money and losing loyal customers.
Smaller business can stand their ground with better warehousing management. With improvements. With your supply chain safety and warehousing security, you can ensure that the logistical side of your business can stay competitive by being reliable for your customers and vendors.
Amazon has become a formidable competitor for all businesses, so it’s important to stay competitive by offering advantages that Amazon cannot. You can provide such an advantage by perfecting your e-commerce experience and that includes your supply chain and warehousing security.
A Shifting Workforce
The retail workforce will be facing increasing age over the next decade. Concerns of health hazards due to this rising population are becoming more and more relevant now. Retail work does carry more risk than factory work, but there has been a mass exodus of workers in retail. Employees are citing dissatisfaction with work environments and compensation as the main reasons for leaving.
Younger, more inexperienced workers are looking for retail jobs that offer extra hours or are open late after school, but the youth’s lack of social skills has led retailers to have less interest in hiring them. They need more resources and training to get them up to speed with customer service. This has created a real potential for a labor shortage in the future. With the market’s latest changes, many retailers are offering more competitive benefits, such as time off and 401(k) eligibility.
Trying to cut costs by hiring inexperienced workers or ill-suited candidates will not do your business any favors. Running background checks, having extensive training and good compensation will help you to maintain better employees who can improve your business security. Well-trained employees are more confident in their abilities and can operate equipment and handle social situations more effectively. This can reduce the risk of liability, injuries and accidents in the workplace, making it an integral part of your commercial property security and safety procedures. Employee training for safety can be handled by an outsourced security team with a trustworthy security manager to oversee the process.
Providing insurance is a foundational business requirement for almost any retailer. Workers’ compensation coverages are vital to ensure workers receive a fair payout if they suffer damage on the job and also to guarantee that you are not left with huge financial burdens when employees are injured.
OPS Security Group has over 80 years of combined experience protecting executives, businesses, residents, guests and government officials throughout Pennsylvania, Delaware, Maryland, Washington D.C. and New Jersey. As a regional security alternative with a service-first approach, we offer a level of customer service that international providers are too big to deliver. If you’d like to learn more, you can contact us at https://opssecuritygroup.com/contact/