EuroCommerce, the body which represents the retail sector in Europe, and its US counterpart the National Retail Federation (NRF) held a dialogue on 23 October to discuss the future of the Privacy Shield and other data transfer frameworks, and its importance for EU and US consumers and businesses.
EuroCommerce director-general, Christian Verschueren, said, “Ambitious trade relationships and global supply chains are impossible without a free flow of data.
"The Privacy Shield is an important tool that gives US companies a privileged, unrestricted access to the data of their European customers and employees."
"A Competitive Advantage"
“This is a competitive advantage, and the benefits of this arrangement are clear to both the EU and the US. However, progress achieved in building this framework is slow, and trust is fragile. Therefore, regular exchanges [...] are important for continuing our mutual efforts in building solid and pragmatic frameworks for data protection and data exchange,” Verschueren added.
In the spring of this year, the General Data Protection Regulation (GDPR) came into force in the EU. It raised the bar for compliance for companies based within and outside the EU.
Retailers with stores, websites, mobile apps and other digital platforms serving consumers were faced with new compliance standards, increased liability for violations, and more stringent enforcement.
Building Consumer Trust
Retailers, both large and small, had to put in significant efforts to meet the new standards set by the GDPR, but it also opened up avenues for building consumer trust.
Verschueren commented, “These collaborative efforts by the retail industry on both sides of the Atlantic are a first step to ensuring global alignment on responsible data management.
"This is essential for keeping the consumer’s trust, a cornerstone of retail’s business. By working together with our American partners, we will shape global standards for data protection.”
On 24 October, EuroCommerce and NRF will hold their third annual retailer exchange, with retail executives from both the United States and Europe discussing GDPR, the proposed European ePrivacy Regulation, and other privacy issues.
Both bodies have also introduced a joint document setting out the retail approach to implementing critical elements of the GDPR.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
