In a previous Brave Horizons analysis, Omni‑Channel Retail Risks: Integrating ERM Across Physical and Digital Stores , we examined how SME merchants must integrate enterprise risk management (ERM) across physical and digital operations. The risk environment has since deteriorated further. The geopolitical forces reshaping global trade are no longer background noise — they are front-line cost drivers, and SME merchants face structurally asymmetric exposure to every dimension o