This week's top stories include is your
ecommerce business prepared for a
cybersecurity attack, can supplier
relationship survive Sears bankruptcy
and is sustainable fashion more than a
buzzword? Remember to click the link
below for the full stories and two other
featured articles.
First up, is your e-commerce business
prepared for a cyber security attack? 60%
of executives from small to middle
market organizations consider cyber
security one of their top five risks.
But just 18% have a cyber incident plan.
Target spent more than 61 million to
clean up the mess after its 2013 hack.
But more importantly trust in the
retailer plummeted. And as a result,
profits dropped almost 50% in the years
fourth fiscal quarter. Target's cyber
attack occurred almost five years ago.
But it's a perfect example of what can
happen a company's unprepared for cyber
attacks. If you don't have a plan, start
with a cybersecurity risk assessment.
Next, consider penetration testing, data
encryption and a cyber crime incident
plan. Next up, can supplier relationships
survive Sears bankruptcy? Once the
largest U.S. retailer,
Sears filed for bankruptcy earlier this
month. More than 200 suppliers stopped
shipping inventory to Sears once rumors
of the chapter 11 circulated. After
filing bankruptcy on October 11th, Sears
sent a note to suppliers asking for
their ongoing support. But this has been
a hard pitch to suppliers who fear they
won't get paid for shipments. Responses
have ranged from filing court motions to
requesting cash payments on demand.
Sears needs supplier support to continue
stocking shelves. But limited and
unpredictable communication following
the announcement is concerning for
vendors. And vendor insurance, which
insures supplier payment even if the
retailer files for bankruptcy, is scarce
and expensive. With the holiday season
nearing. Sears will be competing with
ramped up retailers vying for market
share. But before Sears can think about
competing for holiday shoppers it'll
have a sock shelves.
Last up, is sustainable fashion more
than a buzzword? Nearly twice as much
apparel was sold in
2017 than in 2003. But over the same period
garment utilization—the average number
of days that garment was worn before it
was thrown away—dropped almost 40%. This
progression of fast fashion with low
shelf life is feeding a growing concern
over the garment industry environmental
impact. According to fashion data
research firm Edited, there was a
34.5% increase in
garments marketed with the keyword
"eco-friendly" over the last three years.
This doesn't necessarily mean garments
are becoming eco-friendlier,
it simply means brands are linking
products to this search term more often.
Sustainability might not become the
backbone of your marketing strategy, but
it doesn't hurt to monitor your
environmental impact. Those are just the
top three stories from this week. To read
the other two, follow the link in the
description below. Thanks for watching
and tune in next week on Best in
Manufacturing!
