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Effective Risk Management For Retail Stores

RetailMinded

Nothing is ever set in stone for retailers. Although businesses fail due to a variety of reasons, poor risk management initiative is a huge reason for failure. Here are some common risks retailers have to go through, and how you can best defend your business against them: Data Breaches And Digital Theft.

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“What if this happens to us?”: Retailers revisit emergency response plans

Inside Retail

In the wake of the tragic Westfield Bondi Junction stabbing attack on April 13, Australian retailers have been revisiting their emergency response plans to ensure they are fully prepared for every contingency. Are we allowed to close the store or do we have to wait for instructions,” she said. “It Are we prepared?

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As labour shortages endure, retailers must look to automate cash handling

Inside Retail

While the world may slowly be returning to normal in the post-pandemic era, retailers worldwide continue to face labour shortages in customer-facing roles. A recent study by Deloitte found that 74 per cent of executives heading major global retail companies expect shortages in customer-facing positions.

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Overseas expansion is risky, but these Aussie retailers are doing it anyway

Inside Retail

Australian retailers are expanding their horizons after the Covid pandemic and actively assessing opportunities overseas. Despite some unsuccessful forays beyond the borders of Australia and New Zealand by some retailers, there is increasing optimism about global expansion. However, there tends to be a risk-averse culture in business.

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Are you data ready for Christmas? Here are four key points to keep in mind

Inside Retail

As the festive season approaches, retailers must be prepared for the influx of customer Personally Identifiable Information (PII) and analytics data. When managed efficiently, this data becomes the roadmap to winning over consumer hearts and wallets for the upcoming year and beyond.

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How retailer The Works revolutionised its omnichannel inventory management

Inside Retail

When UK and Irish discount book, games and toy retailer The Works set out to improve the accuracy and efficiency of its inventory management across its stores it turned to Zebra Technologies to revolutionise its back-end management system. Customers want immediate fulfilment.

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From stock levels to financing: How interest rate hikes impact retail

Inside Retail

Following nine consecutive interest rate increases in Australia – with more likely to come – retailers are having to navigate a challenging economic environment, as consumers are looking to cut back their spending across a range of categories. This was arguably felt in December 2022, which saw a 3.9 per cent drop in consumer spending.