Is there a benefit to focusing on customer privacy?
With an aging population of digital natives, it’s critical for merchants to take customer privacy seriously. Online shoppers are more careful than ever before with their personal information, with over 74% ranking data privacy as a top concern.
Here are three benefits to online merchants for focusing on customer privacy.
Improved customer trust and loyalty: By focusing on protecting customer privacy, online merchants can build trust with their customers, which can lead to increased customer loyalty and repeat business. This can be particularly important in today’s digital landscape, where concerns about online privacy are at an all-time high.
Enhanced reputation and credibility: By prioritizing customer privacy, online merchants can enhance their reputation and credibility in the eyes of both current and potential customers. This can help attract new customers and set the business apart from competitors that may not prioritize privacy.
Reduced risk of data breaches and regulatory penalties: Protecting customer privacy can also help online merchants reduce the risk of data breaches and other security incidents, which can be costly and damaging to the business. Additionally, by complying with privacy regulations, such as the General Data Protection Regulation (GDPR) in the European Union, merchants can avoid potential fines and other penalties.
A rise in data privacy legislation and more education on online safety will only strengthen the benefits to merchants.