It’s Not Only Whether You Win or Lose, it’s How You Use, and Protect, Customer Data
It seems like every day I read about another major retailer going out of business. Let’s look at how your retail enterprise can use customer data to avoid crashing and burning like so many others already have.
For retailers to survive and thrive in the digital age, it’s necessary to become customer concierges. This means knowing each individual customer’s tastes, preferences, and needs, sometimes before even they do, and always being there at the moment they’re ready to buy.
To illustrate this, let’s examine Toys R Us and The Entertainer, two large toy retailers. The once-successful Toys R Us chain recently went bankrupt and now faces liquidation after many years of success, whereas The Entertainer continues to grow. The reason is because Toys R Us stuck with an antiquated business model and tried to compete with lower prices. Meanwhile, The Entertainer monetized customer data by using it to provide actionable insights to create a more valuable experience than its competitors.
*** This is a Security Bloggers Network syndicated blog from Blog – Protegrity authored by Travis Wright. Read the original post at: http://www.protegrity.com/its-not-only-whether-you-win-or-lose-its-how-you-use-and-protect-customer-data/