In today's omnichannel shopping environment, consumers are focused on keeping personal and payment data secure. In a 2013 Harris Interactive poll, 35% of American Internet users indicated they had stopped doing business with a company due to digital data privacy concerns. These concerns can be a disruptive factor in a consumer's path to purchase, which poses a challenge for marketers.
When trust and relationships between consumers and their brands are strained by data breaches, consumer hesitation to share data only increases. Consumers feel like the less data they share, the less risk they have of their personal and payment data being exposed or compromised. This environment only challenges marketers further to create safe, secure, and trustworthy conditions for consumers to share data.
There is one condition that seems to ease consumer concern over data privacy. According to a recent Etailing Solutions survey, 41% of consumers indicated that getting a deal or discount on products will make them more likely to allow retailers and brands to use their personal information. Providing a favorable experience to consumers, and having the power to anticipate consumer buying cycles improves the brand's data pool, knowledge of consumers, and their shopping experience.