Verticals
Commerce & Services: customer data is an asset — but you still need to be able to prove it
In commerce, services and customer experience sectors, proprietary data and loyalty are the real value. Yet in most transactions, this capital remains invisible for lack of structured documentation.
The European e-commerce market reached 887 billion euros in 2024 (Eurostat / E-commerce Europe). Proprietary data — purchasing behaviour, loyalty models — has become the central strategic asset. Yet in 66% of retail transactions, these assets remain poorly valued (Gartner 2023).
887 Mrd EUR
e-commerce Europe 2024 (Eurostat / E-commerce Europe)
66%
of retail deals blocked by customer data documentation gaps (Gartner 2023)
11,5 Mrd EUR
retail & services M&A Europe 2023 (Refinitiv 2024)
The first-party data paradox in transactions
A retailer that has collected millions of customer profiles has a considerable asset. Without documentation of data governance (GDPR compliance, quality of consents, transfer procedures), this asset is non-transferable — potential acquirers cannot validate the legality of the transfer.
Media, telecoms, luxury: three sectors where documentation changes valuations
- Media & entertainment: content IP (rights, licences, formats) must be structured to be valued in a streaming or gaming deal
- Telecommunications: the B2B subscriber base and framework contracts are assets to document for any merger or partial disposal
- Luxury & premium retail: high-value customer data and brand governance are the first criteria examined by a group acquirer
This article was written with the assistance of artificial intelligence and reviewed under Aegryn editorial responsibility. In accordance with Article 50 of the EU AI Act, we assume editorial responsibility for this content.
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