Dear reader, let’s make a deal? I promise not to mention a single word about the threats of the new Data Protection Regulation and you promise to read this blog all the way to the end, with thought. Instead of intimidation, I will tell you research information about the Finnish consumers’ attitudes on sharing their personal information and thoughts to speed up eCommerce. Deal?
The imporance of privacy to business
Knowing your customer helps to convert visitors into customers and create long-lasting customer relationships. Both in the digital channels, as well as in the brick-and-mortar stores. The better you know the customer, the better tools are available to conjure a mind-blowing customer experience.
For digital business, information security can be divided into hard and soft requirements. Hard requirements follow from data protection regulations and they just need to be followed. Soft requirements follow the customer experience design on how the customers’ shared or collected information is processed. Competitive edge can be created with the soft requirements.
Together with TNS Gallup, Nixu made a research study on how the Finnish consumers perceive the security and privacy of digital services. The study results show that Finnish are quite careful to share their information with digital service providers. Though it was show also that the willingness to share increases if and when the trust for the service provider increases.
And the level of consumer trust towards the service provider can be increased. From the privacy point of view, the means can be found from the feeling of being in control of your data as well as from the transparency of the usage of your data. In the light of the research data, clear and understandable communication about the data collection and processing increases trust and the willingness to share personal information.
Tips to stir up things
To summarize, there are three key things which increase customer knowledge, conversion rates and customer loyalty:
- Design customer data analysis by taking also the customer’s perspective into account. Terms and conditions or privacy policies should look more like tweets and less like the whole GDPR back at you.
- Design and implement account registration easy, simple and so that it generates trust.
- Provide customer transparency and control to own personal data.
To convert privacy into business, we at Nixu have all the means you need. Specialists including privacy lawyers, security experts and consumer digital identity consultants are ready to help you succeed.
If the subject feels current, ask us for a visit I promise to go through the research with a cup of coffee and we can together think ways to get to know your customers better.