The research suggests that businesses are facing a customer trust crisis, with 59 per cent of survey respondents saying they believe their personal information is vulnerable to a security breach.
Fifty-four per cent said they don’t believe that companies have their best interests in mind.
The implications of consumer trust, or lack thereof, go beyond perception, with 92 per cent of survey respondents saying they are likely to purchase more items from companies they trust and 93 per cent saying they are more likely to recommend it to others.
Solving the trust issue is not straightforward, since 53 per cent of survey respondents said they expect the offers they receive from businesses to be personalised and 54 per cent said that marketing messages aren’t as relevant as they should be.
Age plays an important role in consumer attitudes. Thirty-five per cent of respondents who are Baby Boomers or Traditionalists said they are comfortable with trading information for personalisation, while 65 per cent of millennial and Gen Z respondents said the same.
However, 91 per cent of survey respondents said they’re more likely to trust a company with their personal information if it is transparent about how that data will be used, and 92 per cent said they are more likely to trust a business that allows them to customise the data that is collected and how it is used.