As consumers become more conscious of data privacy, product leaders should educate them about their firm's data collection practices, says Blane Sims, chief product officer of Tapad, a cross-device advertising company. A 2020 McKinsey Survey found 87% of respondents wouldn't shop from a company if they were concerned about its security practices. 71% said they'd stop doing business with a company that shared user data without their consent.
- Sims says brands need to focus on building trust with consumers by obtaining their consent.
- Brands that prioritize data privacy will see higher opt-in rates.
- Companies that are transparent about their data collection policies will enjoy strong relationships with their customers, according to Sims.
- They should implement strong safety measures to demonstrate to consumers that they're committed to protecting user data.