Retailers have teased and rolled out online deals for days, even weeks, but the real Black Friday is here.
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5. Don`t forget the fine print
Retailers should review current technology systems and operations for their ability to meet any new requirements. Things like increased prevalence of international fraud and the related prevention techniques need to be fully understood and baked into the expanding online retail operating model. In those areas where credit card adoption is high, like Europe and Japan, consumers have come to expect increased security features like Verified by Visa and personal identification number usage.
There are also additional data collection and storage rules that apply in foreign jurisdictions. Deciding to use the same e-commerce platform in place in the U.S. or adding a country-specific site involves technical and legal analysis. Upon entering the Chinese market, for example, retailers should be aware that they will encounter strict regulations around transaction data storage. In Europe, storage of customer data will likely have to be physically in Europe, as per the Data Protection Act, and personal information may not be transferred outside of the European Economic Area unless consent is received and adequate security measures are in place.
Kasey Lobaugh is a principal at Deloitte Consulting LLP, where he leads the Multichannel Retailing/Direct-to-Consumer Practice. He can be reached at firstname.lastname@example.org.