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Retail businesses still unprepared for the GDPR deadline

3rd May 2018
Retail businesses still unprepared for the GDPR deadline

The GDPR deadline is approaching and its going to have some serious affects 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 a 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 requried to fork over up to 4% of their annual income in fines.

About Alan & Thomas

Alan & Thomas Business Insurance can source a range of insurance policies for a broad range of businesses and tradesmen, including builders, contractors, plumbers  and electricians. For advice on your business insurance and a free no obligation quote, contact our team today on 01202 754900.

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