By K Ashwin Mobile: 09920183006 Email:email@example.com
A new report by Capgemini’s Digital Transformation Institute has revealed that cybersecurity is a new source of competitive advantage for retailers. It calls for more organizations to align cybersecurity policies with customer expectations in order to take advantage of this opportunity. The report, Cybersecurity: The New Source of Competitive Advantage for Retailers demonstrates that consumers are increasingly aware of security breaches in retail and are willing to spend more with retailers who demonstrate robust cybersecurity capabilities. Based on average annual consumer spending, this equates to a potential annual revenue uplift of 5.4%.
The new report, which surveyed over 6,000 consumers and 200 retail executives found that 77% of consumers ranked cybersecurity as the third most important factor when selecting retailers, behind product availability and quality, and above traditional factors including pricing and brand reputation. Strong cybersecurity measures increase customer satisfaction by 13%; while 40% of consumers would be willing to increase their online spend by at least 20% more with retailers they trust. The report revealed that retailers who are able to adopt advanced cybersecurity measures could drive a 5.4% uplift in annual revenue. Read more