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.

Top 5 Current Risks

According to our latest Global Risk Management Survey, the biggest risks facing the Retail and Consumer Goods industry include:

  • 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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