The GDPR deadline is approaching and it's going to have some serious effects on how retail businesses handle their customers’ data. Despite being less than a month away, the majority still aren’t ready for the new legislation, with 57% of 101 retailers revealing in a recent survey that they were not fully prepared.
The survey, commissioned by point of sales marketing specialist, Ecrebo, revealed that only 41% of the 101 retail businesses considered themselves completely ready for GDPR. Why are so many retailers still unprepared, despite having known about the GDPR deadline for two years? Experts and retailers alike are putting much of the blame on IT restrictions, skills shortages and a lack of time and resources.
The GDPR will involve retailers making more serious efforts to protect the private data of their customers, as well as being more transparent with how the collected data is used. Since retailers often rely on huge amounts of customer data to target intended customer segments, they are some of the most at risk of being caught out.
Personalisation will play a key role in the retail industry following GDPR and is a focus for many retailers today, with 89% of retailers admitting that they used customer data to cater their experience and deliver personalised offers. However, if they are unable to comply with GDPR, they may be required to fork over up to 4% of their annual income in fines.