Respecting Privacy and Data Protection: World Consumer Rights Day

For the last four decades, March 15th has marked World Consumer Rights Day – a campaign to raise global awareness about the needs and rights of consumers. Driven by Consumers International and accredited by the United Nations, World Consumer Rights Day is an opportunity to raise awareness for the respect and protection of all consumers, and to protest social injustices and market abuses.

Consumers are concerned about their digital rights

In an increasingly digitized world, consumers are more concerned about their digital rights than ever before. It’s estimated that more than 20% of retail sales will come from eCommerce in 2023 (rising to nearly 25% in 2026), illustrating the magnitude of digital transactions.

It’s not only consumers and retailers taking notice of this trend, of course. The rise in cyber incidents coupled with the increase in digital privacy regulation enactments worldwide has thrust data protection into the front of the mind of consumers. 21% of consumers stopped using the company that suffered a data breach, of whom 42% requested they delete their information.

Privacy and data protection are not the only things consumers expect from a retailer. They also demand exemplary customer experience, and most are not shy about taking their business elsewhere if their expectations go unmet.

How can retailers rise to meet these demands?

In a saturated market, businesses must work hard to find the sweet spot, balancing customer experience, cyber security, and compliance. Strengthening customer loyalty means offering a seamless shopping and transaction experience, high levels of data security, and staying abreast of regulatory measures in global and local markets.

Meeting modern needs requires a modern solution, and retailers must build simple, lawful, and highly-customized experiences. This is particularly true as more digital-native shoppers and challenger brands dominate the space.

Retailers need to get creative and implement practices to safeguard their customers and protect themselves from cyber threats. According to Thales Consumer

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