With 86% of users taking active steps to improve their online security, data protection is the number one concern for consumers. And as more and more data privacy regulations and guidelines are implemented by governments, industries and privacy organizations around the world, it is becoming increasingly important for marketeers to understand and comply with these rules, otherwise they risk penalties and/or fines.
A study by Accenture showed that 80% of consumers surveyed in the US and UK, aged between 20 and 40, think that privacy is something that belongs to the past. 87% of respondents say that the guarantees provided by brands are not enough to protect their personal information. However, around half of these people (49%) say they would not object to companies monitoring their buying behaviour if it would lead to more relevant offers, and 64% would not be bothered by push messages in a store to offer them coupons on the spot. Overall, 61% think it is more important to get relevant offers than to keep their online activity private. We know that demographic and behavioral information benefits customers by providing a more targeted and personalized experience. 90% of executives surveyed by Adage say they depend on consumer data for their marketing activities. Brands no longer want to spend money targeting people who don’t convert. Storing information also benefits customers. When customers store their address or credit card information at their favorite online retailers, for example, they can make purchases faster.
Almost 2 years after the GDPR came into force, more than 84% of Belgian sites notify consumers about the collection and use of personal data and more than 91% of consumers accept cookies from publishers and brands. The only downside is that far too many sites still use an automatic opt-in when European regulations require explicit consumer consent. An opt-out is therefore complicated for consumers who no longer want to be targeted by a particular brand.