Why Retailers Must See GDPR as a Blessing, Not a Curse

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2Q 2018 | IN-5134

 

The Final Countdown

NEWS

With less than a month until the General Data Protection Regulation (GDPR) is enacted in Europe, retailers are scrambling to get their data strategies ready for the big day. Starting May 25, 2018, consumers will be given the right to order companies to delete, edit, or export any personal information relating to them. This is great news for the privacy-conscious consumer, but for some chief data officers and their teams, it is proving a daunting task.

GDPR is not just a concern for European retailers. Any company, regardless of its location, will be subject to the regulations if any of its customers are European Union (EU) citizens. Failure to comply will result in substantial fines of up to 4% of annual revenue or €20 million (whichever is greater). The EU has accepted that the new regulations will require major overhauls of data practices for many enterprises and are, therefore, expected to demonstrate a certain degree of len...

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