The Future Trends: A New World of Experiences report is part of a wider DMA report series that explores the future trends of 2020. Collaborating with partners dotdigital, Collinson, Paragon, and Foresight Factory, the research comprises the responses of up to 4,000 individuals from various surveys conducted by the DMA.
The report found that while customers will always be willing to accept discounts and freebies, they want much more from brands. The great news is that customers are open to engaging with businesses, offering information about their lifestyle and preferences which will help brands tailor their experiences further.
Personalization after the GDPR
Data, The DMA argues, is the new currency between businesses and customers. A compliant and unambiguous data process, from collection to storage, brings huge value to customers and brands alike.
Plus, according to the DMA’s Consumer Email Tracker 2020, the GDPR has reassured around 43% of customers about how brands handle their personal data. In light of the legislation, consumers feel more comfortable sharing data in exchange for personalized experiences.
But for those who aren’t, brands need to set the expectation. Consumers want to – and should – be in control of their own data. Rather than feel like they’re in a subservient or disadvantaged position in the data exchange, they need to be reminded that they’re on a level playing field. An equal party who enjoys mutual benefits. The associated negatives, so long as businesses comply, are pure myth.
Overall, 58% of consumers surveyed in the report are explicitly willing to share data with brands for benefits, like more personalized experiences.
The personalization opportunities from data sharing are endless
The rise of AR and VR continues to shape the personalization debate. Gamification also plays a part in how brands design their customer engagement programs. These areas of personalization are certainly ones to watch, as consumers and brands co-craft the customer experience beyond the remits of traditional customer engagement.