How would you deal with consumer concerns about privacy in their relationships with retailers? Discuss. Describe three unethical, but legal acts on the part of retailers that you have encountered. How have you reacted in each case? Discuss.
How would you deal with consumer concerns about privacy in their relationships with retailers?
1) How would you deal with consumer concerns about privacy in their relationships with retailers? Discuss.
2) Describe three unethical, but legal acts on the part of retailers that you have encountered. Also, how have you reacted in each case? Discuss.
3) A competing bicycle store has a better location than yours. Moreover, it is in a modern shopping center with a lot of customer traffic. Your store is in an older neighborhood and requires customers to travel further to reach you. Further, how could you use a merchandising, pricing, and communications strategy to overcome your disadvantageous location? Discuss.
Consumer privacy in retail:
The next regulatory and competitive frontier
You have likely received a distinctive and personalized retail offer based on your preferences and past buying behaviors. While many may like the individualized attention, consumers are becoming increasingly aware of how their data is used and more sensitive to privacy matters.
In an ever-more-complex data environment, retailers face a growing list of global and state privacy regulations aimed at protecting consumers. The penalties, which can quickly surpass the billion-dollar mark, are too steep to ignore.
Mishandling data can mean placing future revenues at risk. Advanced privacy policies protect consumer data, but they do so much more. They create the ability to leverage more accurate information to create a more intimate and trusting relationship with the consumers. Privacy policies should be in line with, if not central to, the retailers’ business strategy to build and also
maintain this consumer trust. As a result, retailers should become more trust-focused and consumercentric in their policies regarding data privacy.