How Retail Data Protection Efforts Can Help Protect Your Brand Business
We've got some great deals going on right now exclusively for our online customers... chat now to hear more! How retail data protection efforts can help protect your brand,Author: Phil Muncaster,Buffeted by and hyper-competitive markets, retailers are looking to build closer ties with their customers. But by proactively using consumer data, your business risks exposing itself to data security and privacy threats. Customers may be , but they also want to be assured their personal and browsing information is handled in a . The link between retail customer data and personalized experiences,Consumers are increasingly from their favorite retailers. For example, according to research from BCG and Google, to their interests. As technology improves, many to deliver specific messaging at the right time and place for maximum effect. According to BCG, companies can by mastering personalization. Retail customer data forms the foundational layer of these experiences. Personalization could be as simple as first-name recognition upon entering a website. It can also involve to provide customers with relevant and timely content. This is done by matching facts known about the customer with the actions they take, plus data from the context of the interaction. Customer concerns: Privacy vs. personalization,However, as more retail customer data is used to create these experiences, consumers are becoming more aware of the privacy and security implications. A PYMNTS survey found:,Research from Verizon found only 48% of consumers were . Many felt they had no choice—24% of those who expressed discomfort or ambivalence feel there's no good alternative to sharing data. This increased awareness of consumer privacy and retail data protection issues is reflected in industry trends. They include Apple's move to automatically and Google's decision to by 2024. Regulators are also active in this space: Cosmetics giant to settle a California Consumer Privacy Act case claiming it failed to disclose the sale of customers' personal information. Retail data protection risks,Consumers are right to be concerned: 28% of respondents to a Verizon survey said a company had in the past two years. The most common consequences were spam, identity theft, financial loss and reputation damage. Retail was among the top seven sectors in terms of reported breaches analyzed in the Verizon 2022 . Outsiders overwhelmingly commit attacks, and they're focused on financial gain, particularly by stealing credentials and personal and payment information. Among the top retail are:,Protecting retail customer data: How trust builds loyalty,A data breach can shatter customer trust, and it can impact your reputation and overall business success. Okta's The State of Digital Trust report found . Three-quarters of Americans won't purchase from a digital brand they don't trust, while 47% will permanently stop using a company's services after a data breach. Verizon research shows a clear . This includes honesty and transparency about how a company collects and protects data. For example, 52% of consumers said they would even after learning it had obtained data without their consent—as long as the brand acknowledged what it was doing. To build and maintain loyalty, it's no longer enough to provide good products and a positive experience. Your organization must also show it can . How retailers can address security and privacy concerns,Retailers need to strike a balance between creating the personalized experiences consumers demand and respecting their rights to data protection and privacy, which are often enshrined in law. Failure to proactively address this challenge could not only erode trust but also result in data breaches or regulatory fines that can severely damage brand reputation. Here are some steps your organization can take to enhance retail data protection and customer privacy:,Discover how Verizon can help you . If you'd like to receive new articles, solutions briefs, whitepapers and more—just let us know. . * Indicates a required field. We will follow up from your contact request using the information provided. Choose your country to view contact details. Manage your account or get tools and information. These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. 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