Marketing

Consumers willing to share data for the right value proposition

Photo by istock.com

April 14, 2022

Consumers are willing to share data to get more from retailers, in-store and online, if it means more loyalty program benefits, special discounts and offers and personalized communications.

That's a prime finding from a survey commissioned by Sailthru and conducted with Coresight Research. It was conducted as part of Sailthru's Retail Personalization Index, an analysis of the omnichannel and personalization capabilities of top retailers, according to a press release.

The study included the following results:

• 80% of consumers are willing to share personal data to earn loyalty program benefits.
• 70% of consumers are willing to share their data to receive special discounts and offers.
• 71% of consumers will shop more often with brands or retailers that personalize their communications.

"The willingness of consumers to share data in exchange for value should serve as a wake-up call for retailers to build more engaging marketing and data collection strategies. With new policies limiting current data collection methods, now is the time for retailers to pivot to zero- and first-party focused strategies that improve outcomes, such as from machine learning, predictive modeling and other advanced AI-based methodologies," Jason Grunberg, GM of Sailthru, said in the release. "If retailers elevate their efforts to meet consumers' expectations for custom content and experiences, and treat personalization as a strategic priority, they will see immediate benefits that deliver long-term effects."

The study also revealed that while 71% of retailers believe they excel in personalization in marketing, only 34% of consumers agree.

The retailers surveyed cite email as the fourth most important channel for personalization, while consumers placed email as the second most important, and 23% of retailers and brands view social media as a top channel for personalization compared to only 11% of consumers.