Protecting customer data and using it at the same time is sort of like having your cake and eating it too. Let’s look at how retail enterprises can get the best of both worlds without compromising the quality or integrity of either.
The future of retail revolves around the concept of the “customer concierge,” where retailers anticipate and satisfy customers’ wants and needs immediately. Retailers’ ability to provide this level of service to their customers will determine how competitive they are in tomorrow’s marketplace. The way to do this is by collecting and analyzing customer data to discern key competitive insights that help you continually improve customer experience.
To know that this is true, we only have to think about the demise of once-thriving retail giants such as Toys R Us, Blockbuster, Borders Books, RadioShack, The Limited, MC Sports, and many others. The one thing that every member of this once-illustrious and now-nostalgic list of dead retailers has in common is that they failed to use customer data to compete in an increasingly digital marketplace. Meanwhile, competitors such as Amazon, The Entertainer, and Netflix use customer data to inform strategies to dominate the market.
However, (Read more...)
*** This is a Security Bloggers Network syndicated blog from Blog – Protegrity authored by Travis Wright. Read the original post at: http://www.protegrity.com/how-and-why-retailers-should-protect-customer-data/