Customer centric retailers need to protect consumer data
Digital disruption has significantly impacted how retailers communicate with customers and most brands acknowledge there has been a power shift towards more technology-enabled consumers. Smart retailers are adjusting strategies and refocusing marketing to be more consumer-centric and build the customers relationships critical to achieving the following goals:
- Create and enhance brand and product experiences by empowering consumers with knowledge
- Better understand, anticipate and communicate consumer needs and remove barriers to purchase
- Strategically manage customer, product, and supply chain data, and proactively identify relationships between them
- Innovate, improve and grow without risk to customer share of wallet, return visits, and loyalty
Maximize Brand, Customer Trust, and Business Revenue with Protegrity
- Improve shopper engagement without adding attrition risk:
In a recent consumer survey by Vanson Bourne, 64% of respondents said they are unlikely to shop or do business again with a company that experiences a breach in which their information is stolen. As the consumption of ‘experiences’ outpaces the consumption of ‘goods’, trust that personal information will be protected is foundational to the intimacy needed to take advantage of big data and predictive analytics.
- Protect brand value:
A Deloitte Global Powers of Retailing Report has found that the primary reason consumers choose to purchase higher-priced products is trust in brand. The report said that for 59% of consumers, just a single data breach would negatively impact their likelihood to purchase from a particular retailer. Importantly, Deloitte found that with confidence in an organization’s ability to protect data, consumers are more inclined to share information where they see benefit.
- Comply with PCI DSS and other regulatory requirements:
The PCI industry faces penalties of $5,000 to $500,000 and card issuers have shown a willingness to sue when systematic failures exist. Penalties for noncompliance with data protection regulations are increasing generally, as are the requirements. Under the General Data Protection Regulation (GDPR), protecting personal information ‘by default and by design’ is essential to avoiding breach notification and fines of up to 4% of global annual turnover. Additionally, complying with Act 17, the right to be forgotten.
- Securely move your retail data center capacity to the cloud:
The ability to actively manage data and control access to it enables retailers to confidently embrace the cloud. CEB/McKinsey finds that average cost savings made by doing this, whether it be for bursting or replacement of current data center capabilities, can be as much as 30%. Retails with a data-centric approach to protecting consumer information in the cloud can reduce costs to invest in driving an enhanced consumer experience.
20% of the largest Retailers protect their data with Protegrity*
Protegrity represents a proven answer to data-driven organizations concerned about protecting sensitive information without compromising business processes. Global Fortune 500 Retail organizations use Protegrity to ensure their data is only released to authorized customers and personnel.
*Based upon Fortune Global 500 Lists released in August of 2016
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