08/31/2023 | News release | Distributed by Public on 08/31/2023 03:03
Low-risk sectors are often an overlooked segment of the EHS technology market due to lower total EHS spend, less demanding safety needs and reduced EHS resources. The Verdantix industry segmentation places five verticals in this low-risk category: business services; banks, insurers and real estate; entertainment venues; university and education; and retail. Despite this, Verdantix market size and forecasting shows that the retail industry's spend on EHS software is expected to outpace the overall growth of the EHS software market - boasting a 12% average growth rate through to 2027.
From a health and safety perspective, the retail sector faces challenges not too dissimilar to warehouse, logistics and manufacturing environments, where workers undergo manual, repetitive tasks and sometimes need to negotiate moving vehicle hazards. Retail workers are also subject to elevated levels of workplace violence arising from theft or disorderly public behaviour. These safety risks are compounded by unusually high employee turnover rates. In a survey of more than 100 major US retailers in 2022, Korn Ferry found that the turnover rate for hourly in-store positions was 76%. Consequently, it is challenging to ensure that employees are appropriately trained in H&S procedures, EHS technology systems or ergonomic best practices. In the face of these problems, the retail sector is calling for unobtrusive and intuitive EHS technologies. Two innovative tech-based use cases retail firms should consider are:
The retail sector's unique combination of EHS challenges and adoption of emergent technologies through cashier-less shopping, advanced buyer behaviour analytics and security systems means many large retail organizations are paving the way for innovative EHS technologies. Consider Walmart, which takes a data-centric safety approach through its ongoing collaboration with StrongArm Technologies' FUSE ergonomic wearable sensors. For more insights on industry-specific EHS technology trends, or how your organization can enhance its EHS technology ecosystem, visit our website.
Chris is an Industry Analyst in the Verdantix EHS practice. His current research agenda focuses on digital mental health and wellbeing solutions. Chris joined Verdantix in 2020 and has previous experience at EY, where he specialised in robotic process automation (RPA). He holds an M.Eng. in Engineering Science from Oxford University with a concentration in machine learning and machine vision.