Extensive data collection by e-commerce platforms has immensely helped to boost sales by acquiring customers over omnichannel touchpoints. The dynamic personalization that these platforms attempt over these touchpoints is highly contextual. Traditional brick and mortar retailers have grappled here, where-in they could not utilize their data repositories to engage with and acquire new customers. Also, traditional retailers have been more concerned with profitability and optimization of their operations rather than with personalization and the in-store customer experience.
Today, in this era of customer-oriented retail, retailers need to focus on customer interactions and in-store experience to improve the sales conversion rate.
Securing personally identifiable information (PII) has come into existence since the inception of GDPR. However, data protection has been a subject of study since 400BC, when messages were first inscribed in tapered batons for secured communication. Covid-19 had a positive impact on the Global Tokenization Market. It is expected to grow from $1.9 billion in 2020 to $4.8 billion by 2025 post-covid. The pandemic has accelerated the volume of online payments as people stay indoors and use online payment options. Online shopping has become more popular, and with it, the need for payment security has become crucial.
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