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ICYMI AND WHAT WE ARE READING – October 2022


We make it easy for you to keep up to date with what's happening in the world of retail. Check out what we are reading this month and why.



 

The third major corporate security breach in as many weeks as 2.2m customers’ data hacked

This hack follows Optus in owning up to data breaches affecting millions of consumers. Health insurer Medibank Private also disclosed a data breach but said it had no evidence of any customer data being accessed, although it was still investigating the hack.

MyDeal, Woolworths’ online marketplace had contacted relevant regulatory authorities and government agencies about the breach. Of the 2.2 million estimated to have been affected, 1.2 million have only had their email addresses exposed. The exposed data also includes names, phone numbers, delivery addresses and some customers’ birthdates. MyDeal does not store payment, drivers’ licence or passport details and Woolworths said no customer account passwords or payment details had been compromised.

This is a trend people - it's imperative that you have your cyber-security in shape as more hacks will follow.


 

The original biggest hack in history: Australians scramble to change passports and driver licences after Optus telco data debacle


In what would be a business’s worst nightmare, Optus Australia were the first and largest victims of a data breech possibly impacting up to 10 million customers. An “offshore-based entity” broke into the company’s database of customer information, accessing home addresses, drivers licence and passport numbers of the equivalent to 40 per cent of the country’s population – and it was a sophisticated hack resulting in a threat to sell the info unless $1m in cryptocurrency was paid.



 

A cautionary tale of misleading customers

Online deal site 1-Day which trades under The Market has been fined $840,000 for misleading consumers on promotional claims on its online store.


The website, owned by The Warehouse Group, promoted sale offers including ‘for today only’ deals that lasted for several consecutive days while also reducing the number of stock units displayed — misleading consumers into making quick purchase decisions under time pressure.


A countdown timer used by 1-Day between 2016 and 2020 gave the “impression” that goods were available at an indicated price for a limited time while a stock level indicator showed that goods were running out.


 

Your four-day workweek will fail if you make these 5 mistakes

We are all grappling with the changes necessary to deliver truly flexible workplaces. When you have multiple departments such as distribution, customer service, customer-facing as well as support office, it is hard. This is a great article outlining the ingredients and how you must be intentional if you want to get the benefits of a shorter working week while still meeting business goals.


 

The latest player and the power of online merchandise shops


7eleven is the latest retailer to kick off with an online store curated with licensed gear and memorabilia -  7Collection, an online merchandise shop featuring exclusive apparel and accessories, such as vintage tees and hats.


And non-traditional retail has become the norm. Celebrities, consumer brands, and media properties such as TV shows, films and musical groups are all now engaging in direct-to-consumer retailing

It’s been well proven that retailers can easily go “viral” with news about their online merchandise shops with a clever image and hashtag that capture current social media trends.


 

Machine learning in retail: essentials and 10 key applications

Between lockdowns, curfews, supply chain disruptions, and energy crunches, retailers have copped it all. But now the industry can count on a full array of technological innovations to better meet the challenges of these difficult times.

One of the most impactful tools is artificial intelligence, including its powerful sub-branch known as machine learning (ML). This article covers the nature of this technology and explores the key use cases of machine learning in retail.


 

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