Throughout the years, the retail industry has faced numerous threats, ranging from IoT bot attacks to incidents of shoplifting and even promotional strategies that deter customers.
To overcome these complex challenges, retailers need to stay alert, flexible, and use creative approaches to manage risks and maintain success in a competitive market.
This week we dive into the multifaceted challenges confronting the retail industry and how these trends are reshaping the shopping experience for consumers.
Today’s Rundown
- Paradigm shift: How discount stores are carrying the retail sector.
- survey: Return policies sway customer behavior.
Q4 2023 Benchmark Report: Sign up HERE to receive the report and see how you compare to the industry average.
The end of retail greenwashing
Greenwashing, also called green sheen, is a form of advertising or marketing spin in which green PR and green marketing are deceptively used to persuade the public that an organization’s products, aims, and policies are environmentally friendly.
According to a report from the UN Environment Programme (UNEP), “the fashion industry is the second-biggest consumer of water and is responsible for 2-8 percent of global carbon emissions.” Yet until very recently, many retailers have gotten away with only superficial nods to sustainability.
Thankfully, over the last few years, legislators alike increasingly call for an end to greenwashing attempts such as the vague justification of green credentials, low benchmarks for material composition and inconsistent sustainability measures.
In France, lawmakers are currently discussing a proposal that would impose a 5 euro fine on fast-fashion purchases. Meanwhile, in the United States, the Inflation Reduction Act of 2022 represents the country’s most substantial investment in clean energy and climate initiatives, totaling a staggering $370 billion. Additionally, the SEC introduced new climate disclosure regulations in March 2024.
Fortunately, a significant 65% of consumers prioritize environmental concerns. Moreover, the majority of environmentally-conscious consumers are willing to pay extra for sustainable products.
IoT botnets Continue to torment retailers
A recent publication by Netskope Threat Labs illuminates the prominent cloud-related risks faced by the retail sector in the previous year.
Notable among the threats were malware variants such as IoT botnets such as Mirai, as well as remote access tools and infostealers, all strategically aimed at pilfering customer payment information and login credentials.
Remote access trojans were also widely used, enabling browser access, remote camera viewing, and relaying attacker commands.
The report identified a shift in popular cloud apps, with Microsoft products like Outlook and OneDrive supplanting Google’s suite over the past year among retailers. OneDrive remained the top malware delivery vector across industries by exploiting user trust.
How do you stay safe against such threats? Following fundamental cyber hygiene best practices like inspecting web and cloud traffic and ensuring you can block malicious traffic and isolate compromised endpoints or domains will reduce the risk that you fall victim to these attackers
Retail Trends
survey: Return policies sway customer behavior.
BNPL: Burned from overspending, some ‘buy now, pay later’ users warn others away.
Dynamic shoppers: Secondhand clothing on track to take 10% of global fashion sales.
Random Irrelevance
Nature’s finest: Invaders from underground are coming in cicada-geddon. It’s the biggest bug emergence in centuries
Never before seen: An Oregon man narrowly escapes being gored by a runaway saw blade.
Eclipse promo: From Krispy Kreme to SunChips, more and more companies roll out total solar eclipse promotions.
