As retailers embark on personalization strategies, they must prove themselves trustworthy. Shoppers are willing to share personal data so long as they believe retailers will protect and use the data for the right reasons.
Personalization strategies are central to making retail marketing more timely and relevant, but retailers must demonstrate clear customer benefits if they want access to the data. While customers welcome personalized coupons, loyalty rewards and faster, more rewarding shopping experiences, they don’t want to share data with retailers who collect it only for their own benefit. This is abundantly clear in the findings of several recent studies.
Data Exchange for Retailer Value
For instance, research by the Retail Industry Leaders Association (RILA) found that a majority of consumers (63%) don’t mind sharing personal data with retailers “in exchange for benefits such as automatic credits for coupons and loyalty points (64% of those surveyed), access to exclusive deals (60%), the ability to gain points and rewards (56%) or special offers for items that interest them (53%),” as reported by Retail Dive.