Seizing the Paris 2024 games : A Goldmine for Retail and a Cybersecurity Marathon

6 min

With the Paris 2024 Games set to kick off on 26th July 2024, the city is gearing up for an unprecedented influx of visitors and a surge in economic activity. This global event will assemble millions of spectators from around the world, presenting a unique and lucrative opportunity for retailers. An estimated 10 to 15 million visitors, representing nearly 200 nationalities, are expected to arrive in the French capital, making it a prime moment for retailers to attract new customers, enhance brand visibility, and capitalise on the influx with tailored offerings and exclusive products. However, this period also brings significant data security challenges. Cegid is poised to support and guide its clients through this critical time.

Commercial Opportunities

The arrival of millions of visitors is set to ignite a surge in spending across sectors such as hospitality, catering, transport, leisure, and retail. A recent Ipsos study revealed that over two-thirds of retailers in the greater Paris area are optimistic about this economic boost. Nationally, one-third of retailers are planning specific investments to attract foreign visitors. Economic projections suggest that the combined direct spending of visitors, infrastructure investments, and tourism promotions could inject billions into the French economy, with the Paris 2024 Organising Committee estimating an impact of €9 billion.

Improving In-Store Productivity

To manage the anticipated increase in foot traffic, the use of advanced retail solutions is crucial. Cegid offers several key tools to enhance in-store productivity:

Cegid Retail Live Store: This mobile solution reduces checkout wait times, improving customer service and boosting sales.
Cegid Retail Store Excellence: A task management tool that streamlines back-office operations, freeing up staff to focus on customer engagement.
Cegid Retail Inventory Tracking: Provides real-time stock visibility, facilitates inter-store transfers, and ensures the right products are available when needed.

Major Data Security Challenges

While the Games present lucrative business opportunities, they also bring significant data security challenges. Organisers and retailers alike must prioritise the protection of personal data. Cybersecurity experts are already working with the Games’ organising committee to ensure the confidentiality and integrity of data through advanced monitoring systems designed to detect and neutralise threats.

Also read : Retail : how to adapt to the current economic situation ?

QR Codes and Cameras

Securing financial transactions, hotel bookings, ticket purchases, and participant registrations requires advanced encryption protocols and blockchain technologies. QR codes will be essential for electronic tickets, enabling quick and secure access to venues. Surveillance cameras will be widely deployed to monitor crowds and ensure the safety of athletes and spectators.

Preventing Cyber Attacks

Retailers must implement robust security measures to prevent data breaches and combat the inevitable increase in cyberattacks. Essential measures include:

Data Encryption:

Ensures sensitive information is inaccessible to unauthorized individuals.

Multi-Factor Authentication:

Adds an extra layer of security by requiring multiple verification forms.

Firewalls:

Monitor and control network traffic based on predefined security rules.

Intrusion Detection and Prevention Systems (IDS/IPS):

Continuously monitor IT infrastructure to detect and neutralise potential threats.

Regular Data Backups:

Facilitate quick recovery of information in case of data loss or corruption.

Cegid’s cybersecurity guide for specialty retailers outlines critical protection measures. Thanks to Cegid’s unified commerce SaaS platform, retailers benefit from pooled cybersecurity investments and ongoing adaptations to evolving threats.

Essential Staff Training

Internal security flaws, such as human errors or inadequate data management practices, can lead to data breaches. Training staff in cybersecurity is as crucial as implementing technical measures. Employees are the first line of defense against cyber threats, and educating them on best practices can significantly enhance overall security.

Securing Data to Maintain Trust

The Games offer a unique opportunity for retailers to collect valuable data on consumer behaviors and preferences. However, protecting this data is paramount to maintaining consumer trust. Adherence to regulations such as the GDPR is essential. Companies must obtain explicit and informed consent before collecting personal data and ensure individuals’ rights to access, correct, delete, and restrict data processing are upheld. Non-compliance can result in severe penalties.

Maintaining Transparency

Consumer trust hinges on transparency. Privacy policies must be clear and accessible, and consent forms should be straightforward, explaining what data is collected, its purpose, and protection measures, with easy opt-out options. Effective data management serves as a competitive advantage, enhancing consumer perception and encouraging data sharing. Engaged customers are more likely to respond positively to marketing communications, leading to better conversion rates and increased loyalty.

Strengthening Customer Trust

Data security is crucial for commerce, especially during major events like these Games. By implementing proactive security measures and adhering to best practices, retailers can protect customer data, strengthen trust, and enhance their reputation both domestically and internationally.

As the Paris 2024 Games approach, the opportunity for retailers to shine has never been greater. This global event promises not only a significant economic boost but also a chance to innovate and improve customer experiences. However, with great opportunity comes great responsibility. Ensuring robust data security measures and maintaining consumer trust are paramount. By leveraging advanced retail solutions and committing to stringent cybersecurity practices, retailers can turn the Paris 2024 Games into a golden opportunity for growth and success. At Cegid, we are ready to support our clients every step of the way, helping them navigate both the opportunities and challenges that this monumental event will bring. Together, we can make the Paris 2024 Games a triumph for the retail sector.