Wal-Mart set to update privacy policy to address newer channels

The world’s largest retailer, Wal-Mart, has unveiled today a new and more comprehensive consumer privacy policy set to take effect on August 23, 2009.

The company is updating the policy to better outline terms on newer channels such as electronic marketing, including SMS, and data collection and sharing.

 The update comes, as the existing privacy policy makes no reference to newer communication/marketing channels such as text-messaging marketing.

The new policy outlines new terms that dictate how Wal-Mart can collect consumer data and exactly how the company will use it.

The new Wal-Mart policy is set to include new stricter standards where consumers would have more control over what information they share with Wal-Mart and opt-in requirements for specific communications with the company.

For example, consumers would have to choose to opt-in for the company to share selected information with vendors to send you offers.

Wal-Mart privacy executive Zoe Strickland said, “We want to provide customers with more control over their own data,”

The change from the world’s biggest retailer will force retailers to update their respective policies on newer marketing channels mainly related to web and internet technologies with more consumer friendly and less ambigious terms.

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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to [email protected]
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