Retail and Consumer Goods

Industry Overview

Retail and Consumer Goods

Constant Reinvention in a Rapidly-Evolving Industry

The retail and consumer goods industry faces a constant stream of disruption and innovation—creating new risks and opportunities alike. From cyber threats to digital transformation to rising competition from new market entrants to supply chain disruption and talent struggles, failure to adapt and innovate is not an option.

In particular, the competition for talent across all business areas is fierce. Organizations are hard-pressed to find enough cyber experts, digital leaders, drivers, in-store staff, skilled support and warehouse workers, among many others, to ensure goods reach consumers with a high degree of satisfaction. The race is on to design and implement cutting edge workforce practices and models.

Similarly, it’s time to rethink risk management practices and move beyond traditional focus areas like cost containment and responding to localized business interruptions. Organizations are now looking to invest in strategies that address systemic challenges like climate change and broader environmental, social and governance (ESG) issues.

At Aon, our teams have deep experience across all segments of the retail and consumer goods industry, and we partner with clients to implement effective claims, safety and risk management process, build healthy and engaged workforces, minimize the total cost risk, and find cost-effective risk financing options.

01

Cyber Attack or Data Breach

Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.
02

Supply Chain or Distribution Failure

Supply chain risk is broadening and becoming more complex, extending well beyond keeping shipping vessels moving or suppliers’ manufacturing facilities intact.
03

Damage to Brand or Reputation

The fallout from a reputation crisis can be far greater than any short-term earnings losses, with some companies losing significant shareholder value.
04

Economic Slowdown or Slow Recovery

Global economic uncertainty is being fueled by geopolitical volatility and unpredictable inflation and interest rates.
05

Business Interruption

Previously, companies planned for isolated events. But the risk landscape is now more interconnected than ever before.

Article

The Climate Crisis is Driving Supply Chains to Adapt

Businesses are recognizing the need to adapt to the impact of climate change on supply chains.

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Article 6 mins

Fashion and Luxury Goods EMEA Insurance Market Insights Q4 2023

Our Fashion and Luxury Goods EMEA Insurance Market Insights Report discusses the macro events that impacted the insurance market in the fourth quarter of 2023 in the Fashion and Luxury Goods Industry in EMEA.
Article 5 mins

Using Data to Close Workforce Gaps in Retail Companies

With technology advancements, new consumer expectations and unpredictable markets, retailers face hurdles in building a resilient workforce. Here are two actions to take for a stronger future.
Article 7 mins

Building Cyber Resilience in the Fashion and Luxury Goods Industry

Web 3.0 is coming. Every luxury goods business can profit from the use of its related technologies in digital assets, such as NFTs and the metaverse, but cyber security must keep pace.
Article 5 mins

Building the Balance Sheet in the Fashion and Luxury Goods Industry

Funding to grow and innovate in the fashion and luxury goods industry can come from both traditional and non-traditional sources — like M&A and leveraging a brand’s intellectual property.
Article 5 mins

Building Workforce Resilience in the Fashion and Luxury Goods Industry

With more brands looking to reposition themselves in the fashion and luxury industry and secure their future, a robust workforce resilience strategy will be key.
Article 8 mins

Navigating Mergers and Acquisitions Evolution in Life Sciences: Rethinking Risk and Insurance

Navigating complex, large mergers and acquisitions is a rare challenge for risk managers in life sciences. In these high-stakes scenarios, a reassessment of risk profiles and a strategic overhaul of risk financing becomes imperative to ensure the effectiveness of deals.
Article 13 mins

Top Risks Facing Retail and Consumer Goods Organizations

Retail and Consumer Goods respondents to our Global Risk Management Survey (GRMS) ranked cyber attack or data breach and supply chain or distribution failure as their two most critical risks.
Article 6 mins

Building Supply Chain Resilience in the Fashion and Luxury Goods Industry

Data and Governance have an important role in managing reputational risk and preventing supply chain issues in the Fashion and Luxury Goods Industry.
Article 8 mins

Balancing the ESG Challenge in the Fashion and Luxury Goods Industry

As ESG scrutiny intensifies, luxury goods brands will need to juggle competing stakeholder demands.
Article 5 mins

Building a Climate-Resilient Business in the Fashion and Luxury Goods Industry

Understanding the physical and transition risks will be key to successfully managing climate risk and developing a climate resilient luxury goods business.
Article 4 mins

Case Study – Optimizing Cyber Placement with Targeted Control Validation

As cyber attacks evolve, insurers are scrutinizing how organizations understand and address potential cyber security exposures. Achieving a baseline of security standards is crucial to securing coverage, demonstrating a strong resiliency program is key to achieving optimal terms and conditions.
Article 6 mins

El Niño and the Storm Brewing in Supply Chains

The return of El Niño is creating challenges for the global supply chain, including risks for transportation and logistics. As disruptive weather and climate events persist, vulnerable industries will need to rethink their supply chain strategies to maintain resilience.