Nick Kramer offers solutions for retailers facing consumer concerns over data privacy in this Retail TouchPoints article.

Nick explains the complexities surrounding consumer data privacy, “The existentially relevant part to retail is that people actually don’t mind sharing their information if they feel like they get value out of the relationship. Whether people are signing up for loyalty programs or [completing] a survey for an Amazon gift card, people are remarkably open to sharing their information.”

He continues, pinpointing the root of the risk, “Convenience and defaults are a big part of privacy issues. Additionally, consumers don’t really understand the risks of specific [actions they take].”

Nick notes some brands that have established privacy as a core tenant, “For example, Apple has made privacy a key brand pillar. Privacy is designed in from the beginning. That shows it’s at the forefront of consumers’ minds, and that companies view it as a differentiator. Ask consumers whether Google or Apple has a better stance on privacy, and whether it’s influencing their buying decisions.”

He concludes his analysis by offering solutions for retailers looking to better manage consumer data, “Anonymized sharing of information enabled by the blockchain holds the promise of giving consumers more control over their information. Blockchain would make it easier for consumers who are willing to share a lot of information with a few select brands or entities for the things they care about while limiting access to their data by others. “The more the consumer can be empowered to control their information — even to take it back or have it be monetized — those models show a lot of promise in the long run. Customers would have a relationship [with a brand] that’s closer to the best in-person retail experiences.”

Read the full article HERE