Sumary of Consumers want more personalization, but are concerned about privacy:
- Paradoxically, only 40% of consumers say they trust brands to use their data responsibly and keep it safe.
- Technologies like customer data platforms give businesses the tools they need to stay compliant while managing source data for personalization.
- Half of the companies surveyed by Twilio say that recent changes in data privacy regulations have made personalization more difficult.
- What’s more, 49% will become repeat buyers if customization is offered.
- The report shows that a lack of trust is increasingly affecting consumer purchasing decisions, with 60% saying trustworthiness and transparency are the most important traits of a brand, up from 55% in 2021 Of course, delivering personalized experiences requires personal data, and information collected directly from customers with their consent (first party data) is fine for 63% of consumers as long as brands use their own data and not purchased data or rented to third parties.
- Of course, the lack of precise data and organizational impediments.
- Customers expect some personalization in every interaction with brands, but they don’t trust brands to keep their personal data safe and use it responsibly.