Consumers generally trust businesses with their personal and financial data. If they do not, they tend to avoid doing business with them.
A survey just released notes that almost 75 percent of the people questioned worry about online privacy and limit their Web activity due to concerns about their personal data and where it ends up. Most people don’t seem to know that location tracking can be turned off on smart phones, Internet browsers and social media accounts. The Settings menu provides the option to turn off tracking on most digital devices. Enterprises TV notes that consumers are very much aware of the privacy policies located on e-commerce websites, but few people take the time to read them. When they do, it can hard to decipher to legal speak.
Businesses have a great opportunity to gain the respect and trust of their customers by making their privacy and security policies known on the site’s landing page. It should be easy to find and easy for the lay person to understand. Consumers want to know what will happen with their personal and financial data, if it will be re-sold to another company for marketing purposes.
The Enterprises TV show also notes that target ads, while effective for driving up revenue, can be a bone of contention for some shoppers. There are consumers that love the ads which can give them better choices for saving, and there are consumers who would rather not be “found”. Give consumers the choice of opting in or out of targeted ads. Today’s consumer is more concerned about privacy and security than about losing their main source of income, as reported by the TRUSTe/National Cyber Security Alliance (NCSA) Consumer Privacy Index. This concern might possibly stem from knowing someone who had their identity stolen, and the hearing of the struggle to get their financial and personal back.
Privacy and security of personal data is a top concern for many Americans. This is a good time for any size business to secure data sources, and inform customers.