ATLANTA, Nov. 8, 2023 /PRNewswire/ — In the ever-evolving and highly competitive world of retail, businesses face an intricate tapestry of risks that can influence their operations, reputation, and financial stability. These findings are the result of three years of research with the automated insurance verification provider’s clients and the partners, vendors, suppliers, and franchisors for whom they verify coverage.
Understanding and managing these risks is paramount for retailers striving to enhance consumer trust and optimize their business strategies. This report offers an in-depth analysis of the risks within each product category and reveals the top reasons for non-compliance, based on data from over 202,000 retail product and service vendors.
Key Takeaways from the Retail Benchmarking Report:
- Overall Retail Risk Levels: A detailed breakdown of risk levels across various product categories provides valuable insights for risk managers.
- Top Reasons for Non-Compliance: The report highlights key factors leading to non-compliance among vendors, helping retailers bolster their risk management efforts.
Product Category Highlights:
- Alcohol, Bakery, Body Care, Grocery, Grocery Bulk, Grocery Dairy, Housewares, Infants and children, Lifestyle, Meat, Prepared Foods, Produce/Floral, Seafood, and Service Providers- The report delves into the specific risk profiles of these categories, allowing retailers to tailor their risk mitigation strategies accordingly.
Why is this Report Essential for Retailers?
- Risk Mitigation: Retailers can use this report to pinpoint specific risks associated with their product categories, enabling them to implement measures to enhance product quality and safety.
- Compliance: Understanding the reasons for non-compliance helps retailers adhere to relevant regulations and standards, reducing the risk of fines and legal issues.
- Strategic Planning: Insights into the competitive landscape and risk profiles of different categories inform critical decisions such as product selection, pricing, and market entry strategies.
“Knowing the risk level of retail vendors is fundamental for risk managers to make informed decisions that protect the organization’s financial stability, reputation, and compliance with safety and legal standards,” stated Devon Wijesinghe, President at EvidentID. “This report equips retailers with the knowledge needed to navigate the complex retail landscape with confidence.”
The entirety of the report can be downloaded from the link here.
Evident is the global leader in business credentialing with a network of millions of businesses across more than one hundred countries. By connecting insurers, enterprises, and the many businesses they rely on, our platform enables verification of precise requirements ensuring they meet compliance standards. Powered by cutting-edge AI, Evident’s platform balances rigorous credentialing with accelerated business results. Learn more at evidentid.com.