CHICAGO, March 4, 2017 /PRNewswire/ -- As department and big box stores struggle to reinvent themselves in the shadow of online goliaths, small retail businesses seek their place in a shifting landscape being redefined by consumers' ever-expanding digital appetite.
Savvy shop owners know they must embrace the digital desires of their potential customers and weave in-store experiences together with mobile and web versions, as a smart Facebook post can generate interest about a special in-store sale and a clever mobile strategy can reinforce the face-to-face relationship with clients. Forward-looking retailers also know they can use data on customer interests to enhance store encounters and build loyalty programs.
But a growing digital retail space brings with it emerging risks for the small retailer. More than ever, it's important to take the right precautions when it comes to customer data and transactions to keep them secure. With preparation, you can protect your business in a data-driven world, while also helping to best position your operation against unforeseen circumstances that could affect your store, your employees or your assets, or interrupt your ability to serve customers. In today's competitive retail environment, that's where your focus needs to be — your customers.
Produced by CNA, the eighth largest commercial insurer in the United States, this report, reviews the many challenges small retail businesses face — and how being proactive now can help protect you from tangible and intangible losses. These losses can add up. Each section of the report includes information on how much is potentially on the line from:
All of these risks can affect a business's bottom line. With proactive planning, you can feel more secure that your customer data, your store, your employees and your assets are in the best possible position to weather the future so you can concentrate on strengthening your retail business for an evolving retail environment.