{"id":11133,"date":"2023-12-06T05:50:23","date_gmt":"2023-12-06T05:50:23","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/the-rise-of-personalization-strategies-requires-cybersecurity-resilience\/"},"modified":"2023-12-06T05:50:23","modified_gmt":"2023-12-06T05:50:23","slug":"the-rise-of-personalization-strategies-requires-cybersecurity-resilience","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/the-rise-of-personalization-strategies-requires-cybersecurity-resilience\/","title":{"rendered":"The Rise of Personalization Strategies Requires Cybersecurity Resilience"},"content":{"rendered":"

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As digital commerce and personalization at scale strategies continue to accelerate in the retail industry, cybersecurity is an emerging capability to leverage to keep consumers\u2019 personal information safe and secure. There is a greater emphasis on cybersecurity preventative strategies, as the evolving commerce model is empowered by the rich consumer data and insights that enable personalized experiences and offers. Personalization is the holy grail in the retail industry, as it empowers compelling offers, value, and rich customer engagement to help build a community of loyal consumers.<\/p>\n

Personalized experiences at scale empower retailers to establish stronger connections with their customers, helping to\u00a0increase sales by 1 to 2 percent, build brand loyalty, and ultimately enhance customer lifetime value. Additionally, personalization strategies have contributed to 20 percent higher customer satisfaction rates, a 10 to 15 percent boost in sales conversion rates, and an increase in overall employee engagement of 20 to 30 percent.\u00a0Personalization strategies have evolved across channels as consumers seamlessly navigate physical, digital, social, and live-streaming platforms to shop with their favorite brands and retailers.<\/p>\n

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Brandon Rael \u2013 Chrysler Building NYC<\/h6>\n<\/div>\n

Customer-first commerce operating models require resilient and scalable strategies as third-party cookies are phased out and the industry shifts towards relying more on first-party data. Publicis Sapient\u00a0conducted a research program among more than 6,700 consumers globally to understand their opinions on customer data and why, how, and when they are willing to share their personal data with organizations. The key is to establish a relationship of trust and transparency, as consumers worldwide have concerns about what data they share and how companies leverage it.<\/p>\n

These concerns include:<\/strong><\/p>\n

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  1. Being completely transparent about the data you leverage<\/strong>: Detail to customers how you plan to use their data and explain the benefits they will receive for sharing their personal information<\/li>\n
  2. Offer flexibility and freedom:<\/strong>\u00a0Enable customers to opt out of data sharing anytime and for any reason<\/li>\n
  3. Consistently follow the rules:<\/strong>\u00a0Demonstrate to customers that your organization is compliant with the latest data privacy laws and regulations<\/li>\n<\/ol>\n
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