The Biggest Threats Facing Retail Businesses Today

November 8th, 2022

Being a business owner can be a freeing and exciting path to go down, but every business owner faces some risks. Chances are, your business is your biggest investment, so you’ll naturally prioritize keeping it protected. However, all too often, small to medium-sized businesses still fall victim to crimes that result in devastating consequences. For some smaller retail businesses, a single large scale burglary can be enough to put your business irreversibly underwater. 

There are many threats that face retail businesses in Cleveland, OH today, even though many retail business owners are only readily aware of a few of them. Unfortunately, some Cleveland, OH business owners only become aware of some threats after they fall victim to them, leaving them in a position where they wish they could turn back time. Learning more about the threats facing retail businesses today can help you to keep yourself better protected. 

The Top 4 Threats For Today’s Retail Businesses 

While there are many threats that today’s Cleveland, OH businesses may face, focusing on the top 4 will give you an excellent foundation for your security strategy. These top 4 threats for today’s retail businesses are: 

  1. Inventory theft – For retail businesses of the region, your inventory is your very lifeblood. It’s what you offer to the public, it’s what brings individuals into your store, and it’s how you make your money. Inventory theft in the form of small-time shoplifting or big-time burglaries can be devastating to retail businesses. Installing security cameras around your retail store can help you to keep a keen eye on where your inventory is going. 

  1. Digital theft – Next to your inventory, the second most valuable asset of your business is your digital data. Without digital security, customers won’t feel confident shopping with you, and digital criminals see online retail is the perfect target. Phishing scams can access payment information, a DDoS attack can send your servers crashing to the ground. Equip your retail business with professional cybersecurity protection to ensure you don’t fall victim to a crime. 

  1. Inventory damage – If a storm rolls through, you could be facing serious inventory damage. A flood can leave your entire retail floor ruined, leaks and mold growth can spread rapidly throughout your store, and an insect infestation can destroy everything you have in your establishment. Inventory damage can cause serious financial distress and may even put your retail establishment out of business. Protecting yourself with security cameras and an insurance policy is your best protection. You can use your footage as proof of inventory damage beyond your control with your insurance provider. 

  1. Customer injury fraud – In some instances, a customer may decide to fake a fall in order to obtain a slip and fall injury settlement. Security cameras around your store will capture the exact events of a fall on your footage, which may be used to ensure any claims are legitimate. 

Keep Your Business Protected 

With the right security measures in place, you can keep your retail business protected. To learn more about keeping your retail business safe, contact us today.