Disclosure of how personal information is being used is a differentiator for businesses
When it comes to online ads, consumers believe companies such as Facebook, Google and Amazon are using their data to shape what they see. That’s not necessarily a bad thing for just over 27% of Canadians who said they were somewhat interested in seeing online ads that are personalized to them.
While Canadians may be conflicted on the risks and rewards of giving companies free rein over their personal data in return for better shopping experiences, there are conditions in which they would be more amenable to sharing their information. It’s clear that more transparency around how their data is used would put customers at ease. For instance, 55.4% said it would be enough just receiving notifications whenever their personal data was collected, 50.8% would be more comfortable if their personal data was deleted, and 43% said they would feel better if their personal data was made anonymous.
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Though 29.8% of respondents said they weren’t at all interested in sharing their personal data to receive ads tailored to their preferences and shopping history, some Canadians could be swayed in favour of giving businesses access to their data. A cash reward appealed to 57% of respondents, whereas a store credit appealed to 5.6% of people.
As Canadians amass bigger and bigger data footprints, they’re torn between the convenience of personalization and maintaining some control over what they share and with whom. In fact, most respondents said they would be very or somewhat interested in a product or service that managed their data privacy for them—a mere 2.8% said they weren’t at all interested.
The conversation will continue to evolve, but there are clear rewards for businesses and brands that are transparent about how customer data is being collected, stored and used. Those that give the consumer choice will undoubtedly see returns in loyalty in a market rife with competitors.