How Blockchain Can Balance a Personalized Shopping Experience With Personal Data Control
In the Age of the Surveillance State, Blockchain will deliver personal data back to the person it belongs to… YOU.
In 2018, businesses lost $750 billion due to not meeting the data personalization and trust level desired by customers. That’s just one statistic of the many out there pointing to a growing trend:
customers want a personalized shopping experience without worrying if their data will be stolen.
The question: how do you deliver that personalized experience without trespassing on a person’s right to privacy (if that even exists anymore)?
“Blockchain will permeate every facet of business, government, voting, real estate etc…. to explain and assist in utilizing this immutable technology for greater efficiency, increased accountability, and mitigating loss and fraud.”
Blockchain can help people maintain data ownership, allow people to be properly compensated for data, but also deliver greater insight which will lead to a more customizable shopping experience overall.
Customers want personalization
43% of US consumers are more likely to purchase from retailers that provide personalized shopping experiences. That means people want more personalized shopping recommendations… Amazon does a good job at recommending items this way.
As an eCommerce store owner, you need to create recommendations based on correlation (e.g., if a person buys a bathing suit from you, perhaps sunglasses are the next item they’ll want to purchase).
A balance between personalization and data trustworthiness
In a global internet community living in the aftermath of Cambridge Analytica, people are concerned now more than ever about how companies are taking care of data. As many as 79% of people in a 25,000-person survey were frustrated that some companies can’t be trusted with personalized data. You need to take it to the next level. Show your customers that they can trust you with their data and how you will win them over. Installing blockchain-based data protection, maximum security data storage, and other techniques will keep your customers coming back for more. However, as Accenture mentions in their survey, you need to balance between personalization and “being creepy.”
One of the biggest problems with data hacks is that companies are often not upfront about what is happening. It’s like when your parents caught you in a lie growing up, sometimes they just want to know the truth and it will be better than kicking the can down the road.
If Company A is more up-front about what is happening, the problem would have been less significant. However, the fact that companies tend to beat around the bush and lack the verisimilitude is what makes you an international target for data privacy activists and regulators alike.
The lesson you can learn here is to be upfront about how your customer’s data is being protected, how that data is being shared, and how long you are keeping any record of it.
There is a fine line between personalization and infringing upon someone’s *right* to data privacy. You can’t get too close to the margin between infringement and privacy, otherwise, you’ll risk losing a customer that you’ve already spent dozens or hundreds of dollars to acquire. You only get one chance with some people… make it count.
Blockchain give you the control you deserve
Blockchain allows for data to be owned by the person. All data is stored on a central log called a public ledger (like a bank statement anyone can access) Instead of allowing a company to sell your data and get money for it, you get to choose over whether or not your data gets sold, and you get the profit if you choose to sell your data. Through the use of blockchain, you can have your data accessed on a case by case basis.
Read more about the symbiotic relationship between data and blockchain in our other article, Capital One Data Hack Illustrates Why We Need Blockchain Now More Than Ever.
Coinvention cares about people having control over data. Learn more about a rebellious group of hackers that are on a mission to return your data back to YOU.
 According to research compiled by Accenture https://www.marketingdive.com/news/accenture-lack-of-personalization-consumer-trust-cost-businesses-756b-la/512693/