In today's fast-paced digital world, privacy is more than just a box-ticking exercise. It represents a genuine opportunity to enhance and improve your business.
Ecommerce is a crowded space, and things are only getting more competitive. As a result, the smartest brands are aware of the need for incremental improvements, boosting their businesses across the board via a diverse range of practical, tactical adjustments.
A firm grasp of your customers' data privacy experience is an excellent example of one such strategy. By proactively ensuring top-level data privacy and clearly communicating this to your audience, you can bring real value to your business.
Let's dive into five of the main areas in which a smart approach to data privacy can help deliver a boost to your business.
Avoiding Data Leaks
Once more into the breach
Closer control of your data privacy means strengthened security safeguards. No business wants to be held accountable for a data breach, especially when sensitive, personal information that works within the eCommerce sector necessitates.
Beyond the loss of trust that a data leak will result in, businesses will also avoid the considerable financial penalties and litigation that can accompany such an event. Data breaches in the U.S. were more costly than those in other countries, with an average total cost of $8.19 million (representing more than double the global average).
Towing The Line
Of course, it's not just a data leak that could hit you in the pocket. While a breach can be disastrous, it's just as important to ensure that you're meeting all of the basic, everyday requirements to ensure total data privacy regulatory compliance.
When individuals submit data requests, it's required they're handled correctly and promptly. Failing to do so erodes trust in your brand, harming your business in the short and longer-term. It also carries a financial impact. Ever wonder just how significant a fine might look in the instance of your own business? Calculate your data privacy fine risk here.
From our previous point, it's also important to consider how much of a differentiating factor being seen as a data privacy champion can be. When given a choice between your own brand and a close competitor, if you're actively demonstrating the care and attention you pay to privacy, you'll gain an immediate competitive advantage with those for whom personal data is a core concern.
Stand out from the crowd by meeting privacy in a proactive and positive light. By shining a spotlight on how your business handles the issue, as opposed to falling back upon tired templates and confusing small print, you'll be a breath of fresh air.
To succeed within the eCommerce space, it's increasingly vital to ensure you're hitting every note when it comes to customer experience. Privacy is a huge component of the modern customer experience that is only set to grow.
Keeping your security tight, guaranteeing compliance, enhancing your brand reputation, protecting you from costly fines, and giving you the edge on the competition, today and in the future… For all these reasons and more, when handled correctly, privacy has the capacity to be an incredibly beneficial component of your business's ongoing success.