In a perfect world, brands anticipate what customers want and offer the right experience at the right time. At the same time, customers are more worried than ever about their data privacy. 71% of European customers are concerned about how companies use their data.
Contrary to popular belief, privacy concerns are not an ‘old people’ thing. While it is true that about 82% of baby boomers worry, 77% of millennials and 73% of the online-savvy generation Z worry, too. Many customers also speculate about why brands are even collecting customer data. For example, 46% of European customers believe firms might sell their data. More importantly, only 46% of Europeans believe that sharing their data is worth the risk. When it comes to data sharing, marketers have yet to make a convincing case with customers. It’s no surprise, brands are increasingly concerned about keeping customer data safe.
It takes time to build trust and you can lose it overnight. We need to do whatever it takes to get the maximum security for our customer data.