There is increased ROI on personalization
Survey data shows that efforts to personalize experiences are paying off. Consistently personalized experiences increasingly drive consumer spending and peer advocacy. And those factors also are more connected to consumers’ personal values. Almost three-quarters of millennials and Generation Z consumers said they’ll pay more to buy from companies that share their ethical, social and environmental values. Compared to 2017, social media users are now more likely to give positive than negative reviews about their customer experiences.
While consumers certainly appreciate a personalized experience, they’re still hesitant to share their data. Companies must do more to build trust around data privacy and protection, while demonstrating that data is used to personalize experiences — not just sell more.