Sources: Digitalmarketinginstitute.com, Newsroom.accenture.com
In a world where technology develops further nearly every second of the day, privacy has become a complex issue that businesses and consumers must take seriously. Everything from location tracking to browsing history plays a part in marketers’ strategy to serve their content to a relevant and receptive audience; but consumers have become increasingly aware of privacy permissions. What does this mean for marketers and business owners?
The Duality of Tracking Data
Consumers believe that privacy is a thing of the past. However, many people are willing to turn a blind eye when personal data collection results in a shopping experience more catered to their liking. Indeed, about half of individuals surveyed stated that they would not mind companies collecting tracking data if it cultivates more relevant offers. Overall, about 60 percent of people believed that receiving a personalized shopping experience was more important than keeping their internet activity private (Accenture).
Despite their appetite for personalization, 86% of internet users actively take steps to safeguard their online data (Smart Insights). Further, the government has begun implementing regulations on how businesses can collect and use data. Privacy breaches can be disastrously expensive, so precautionary regulations are in place to stop them in their tracks before they happen. Unfortunately, internet users can sometimes be the source of their own misfortune. While consumers are more informed of the dangers associated with personal data online, they aren’t always the most cautious when it comes to decision making. Most often, users won’t hesitate to share their information freely and to agree to contracts and policies that they have not even read.
The most important takeaway is to let users know when their private information is being utilized and how it will be stored in the future. If possible, allow users to decline to provide personal information. There is no doubt that internet privacy laws will continue to change alongside technological innovations. As internet data pioneers, it is important for us to remain vigilant and mindful of shifts in consumer preferences.