Data Privacy, a matter of concern
We are connected to the digital world and we need to be careful what and how we share our information on the Internet. We used to have fewer online stores, but with time every other company is going online, or moving to app and seeking customer’s data. This creates a possibility to gather more information about individuals on their purchases, registrations, sign ups etc. It brings us to a question as where does the customers crowd at. According to a recent survey carried out by Adobe India, 2017, Indian consumers are more likely to end up on digital platforms. Indians are keen to get personalized messages and prefer seeing their brands to customize website content, often.
Consumers in India expect advertisements with about 75% of positive response on the content. But they are willing to allow these companies in their online lines, only if they find themselves comfortable with the experience. Personal data can be extracted from these consumers, when they find the digital experience to be fulfilling.
Efforts are made by brands, to make a smart approach to request for personal data. They are giving up the old traditional ways for newer ones, so that they can engage consumers on a large scale. The usual start to this process, is by asking email address and phone number.
On the other hand, it is quite tough to believe that in spite of the dominance of digital marketing, consumer spending continues to take place offline. Here, comes the point of offline data. Extracting offline data, may include, purchase history of customers, demographic information, product preferences, lifetime value, loyalty status, anniversaries and birthdays. A huge amount of data is in fact, stored in CRM, call centre, point-of-sale as well as loyalty program systems.
Brands may connect with the resourceful offline data in order to get access to digital data. Unless, they do that, they cannot expect to get overall information about a customer.
Usage of such data
Data generated through the various social media platforms, after proper speculation, offer enough insights to the patterns and behaviors among people. The information shared by users or extracted by brands, can have risks of privacy and security. But, at the same time, it carries the potential for introducing new ways of intelligence. This data has immense possibility for policy innovation.
Too much of this data sharing, can cause damage to consumers. Being aware of such possibilities, will definitely, keep things at bay. One must be careful while clicking on various emails or notifications that may carry data hacking software.
Awareness on data privacy
Data privacy is a matter that doesn’t only is restricted to individuals. Companies, also, should on a large-scale, focus on big data trends. Presentations and seminars on data privacy, focusing on the need of facing challenges in the way, should be paid attention to. These would help one to implement ways of collecting and storing data, managing the cross-border data transmission, and also, knowledge of destroying collected data, as and when needed. Data protection in this age, considers mobile devices, role of social media, analytics development and artificial intelligence to be the determining factors.
In future, we would see sensor collecting information from every sector. Be it people’s actions or environment, everything would be under the Internet of Things. There will be network devices sharing data with other networks, platforms and devices.
Companies should make every effort to make sure that their consumers are feeling comfortable in sharing their data. Data use policies need to be designed in such a way, that instills confidence and trust among consumers.
By Raina Kushary (Senior Content Developer and Research Analyst @ Travarsa)