Ahead of this year’s InternetRetailing Expo (IRX 2018) and Delivery Expo (EDX 2018), we’re looking forward to some of the workshops that will run in the omnichannel experience theatre where the delegates will have a chance to learn from industry experts on how to tackle prevailing challenges in the retail field. This time, we focused on one of the workshops that will discuss the upcoming General Data Protection Regulation (GDPR) which will come into force on 25 May 2018.
Over a third (33%) of small-to-medium enterprises (SME) in the UK have not yet started preparing for the introduction of the GDPR, while a further third (35%) are in the early stages of preparation and only 8% report to have prepared to be fully compliant, finds FSB report Data Ready: Mitigating the impact of data protection regulation on small businesses.
In fact, 18% of small UK businesses are unaware of the GDPR, whereas 34% are aware of the data protection legislation, but have little understanding of its requirements and what procedures are needed to follow in order to comply, which led to 52% seek advice and guidance from Information Commissioners Office.
What’s the picture like for the retail industry?
The report reveals that 41% of small retail and wholesale companies in the UK have not begun to prepare, in comparison to 50% of those who have started but say that they have not completed the preparations and a mere 10% retail SMEs report to be ready for the arrival of the GDPR.
As SME sector is less prepared for the upcoming changes, the vast amount of misinformation has made it difficult for retailers to differentiate fact from fiction.
This year, a whole workshop will shine a light on the GDPR, its impact on customer analytics for omnichannel retailing.
Tom Martin, retail intelligence and customer analytics expert at OmniCX will take the lead to bridge the gap between what ecommerce retailers need to worry about and how they can keep benefiting from the customer data without falling foul of the law.
Martin will look specifically at whether having multiple stores of customer data in different apps increase the risk for GDPR. Delegates will also gain an understanding of how using a single centred store of customer data can make compliance with GDPR easier and less costly. The workshop, OmniCX – Practical guidance for Customer Analytics in the age of GDPR starts at 12:30, on March 21 in the omnichannel experience theatre.