Are you willing to sacrifice some of your data privacy for a more convenient online shopping experience?
Many of today’s shoppers are.
In a 2019 survey, Cisco identified a group of people considered “privacy actives.” These are shoppers who care about their online privacy and have switched companies due to data-sharing policies. It represented only 32% of 2,601 adults polled.
Further, these individuals were even more comfortable than their counterparts to “trade-off” their purchase history data in exchange for more personalized products and services.
Those who understand technology better – and the importance of data exchange to provide a personalized customer experience – are more willing to share certain types of data. But only if they understand what they’re sharing and why. Understandably, 83% of privacy actives actually read privacy policies to understand the trade-offs.
And therein lies the bittersweet aspect of data privacy: A more personalized shopping experience can convert to greater conversions, but you must invest the time and technology to deliver an experience your customers trust.
In addition to ensuring your website follows the General Data Protection Rules (GDPR), which ensures you ask permission to collect a customer’s data if they are from the EU, you can take these steps to maintain transparency about data collection.