Consumers are willing to share data to get more from retailers, in-store and online, if it means more loyalty program benefits, discounts and specials, and personalized communications.
This is one of the main findings of 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 leading retailers, according to a press release.
The study included the following results:
- 80% of consumers are willing to share personal data to receive loyalty program benefits.
- 70% of consumers are willing to share their data to receive discounts and special offers.
- 71% of consumers will shop more often with brands or retailers that personalize their communications.
“Consumers’ willingness to share data in exchange for value should serve as a wake-up call for retailers to develop more engaging marketing and data collection strategies. With new policies limiting current data collection methods data, now is the time for retailers to turn to zero-targeted and first-party strategies that improve outcomes, such as machine learning, predictive modeling and other advanced AI-based methodologies,” Sailthru CEO Jason Grunberg said in the release, “If retailers step up their efforts to meet consumer expectations for personalized content and experiences, and treat personalization as a strategic priority, they will see benefits. immediate effects that will have long-term effects.
The study also found that while 71% of retailers think they excel at personalizing marketing, only 34% of consumers agree.
Retailers surveyed cite email as the fourth most important personalization channel, while consumers place email second, and 23% of retailers and brands consider social media the top personalization channel, compared to only 11% of consumers.