Data privacy, retail and consumer goods: Meeting the needs of CCPA, consumers and the bottom line
Personal data and privacy
Personal data drives every retail and consumer oriented business model these days. It’s flowing from in-store and online transactions, store technology, loyalty programs, social media, as well as mobile operators and other providers. Driven by competitive pressures from digital natives, and by the value that hyper-personalized shopping and marketing offers, many consumer-facing companies are making data gathering and insight a core competency. However, as consumer data and its monetization potential grows in significance, so do the privacy challenges.
In May, Europe’s General Data Protection Regulation (GDPR) went live. Subsequently, in June, the California legislature passed the California Consumer Privacy Act or CCPA. Any company that conducts business in California will have to obey new rules for how to treat California residents’ data.
Download the report to read further and view our recommended 5 steps retail and CPG companies should consider to prepare for CCPA.
GDPR and CCPA: Several big differences
One key difference between GDPR and CCPA lies in the definition of personal data. For GDPR, personal data is anything that an organization could use to identify you: factors specific to your physical, physiological, genetic, mental, economic, cultural or social identity. CCPA broadens this definition to include any information that identifies, relates to, describes, is capable of being associated with, or could be reasonably linked, directly or indirectly, with a particular consumer or household. That may include identifiers such as consumer browsing history and tendencies, products or services purchased, and inferences drawn from any personal information.
How PwC can help
PwC's Consumer markets is a leading financial accounting, tax and advisory practice serving a broad spectrum of service, merchandising and manufacturing organizations. High-growth tech start-ups, food manufacturers, airlines, hotels, and retail outlets are among countless organizations that rely on our integrated knowledge and tailored solutions to succeed nationally or globally.
At PwC, we understand the challenges and we see the opportunities—addressing change at the convergence of powerful industries is where we thrive. PwC’s multi-disciplinary, global team of consulting, tax and assurance professionals can help you turn innovation into practice and practice into growth.
