Consumer trust in organizations is decreasing. Data breaches have left consumers skeptical of organizations appropriately managing and protecting their personal data. With an increased focus on consumer rights, regulators and consumers proactively monitor organizations’ ability to demonstrate compliance.
Over the past few years, privacy regulations focused on consumer rights and protection, including the GDPR, CCPA, LGPD, and PIPL, have strengthened. By 2022, 50% of the global population’s personal data will be protected under regulations in line with or inspired by the GDPR.
Consumer Trust Is More Important Than Ever
The trust between a consumer and a brand is crucial. When a brand makes a genuine, truthful connection with a consumer, it creates brand loyalty. This is the basis of a consumer-brand relationship and a competitive advantage.
Clearly, consumers don’t want their data being manipulated or sold by companies. So, if organizations don’t give their customers more control over their data, many will immediately stop the relationship.
Today, organizations should see privacy less as a barrier and more as an upside for its trust-earning potential.
Trust Begins with Privacy and Transparency
Regulations today signal a shift in expectations between consumers and organizations. Modern data protection laws, such as GDPR, and the China PIPL, require you to rethink how consumer’ data is managed.
Consumers demand transparency about how their data is used and distributed. People are becoming less willing to give out their personal information. As a result, businesses are finding it harder to gain and maintain consumer trust.
Organizations that conduct marketing activities with a focus on consent and data privacy have a competitive edge. Giving consumers more control and choice over their data results in better consumer relationships, trust, and loyalty.
4 Ways to Build Consumer Trust
- Know what is on your website. Gain a comprehensive understanding of your website’s tracking behavior, including identifying compliance risks, conducting cookie audits, and managing trackers for consent to deliver a secure and faster digital experience.
- Display a seamless and compliant consent experience. Meet global consent requirements and tailor the consent experience to align with your company’s brand.
- Never miss a deadline. Automate the data subject request lifecycle through automated workflows and dynamically assess requests to deliver accurate, secure, and on-brand responses to your consumers.
- Stay informed on the latest privacy changes. Leverage our customizable regulatory guidance dashboard and personalize the guidance based on your business to deliver the best privacy experience continuously.
TrustArc Consumer Trust offering enables organizations to build, grow and sustain a trustworthy brand by providing an unparalleled privacy user experience and radical transparency to consumers.
Our solution evolves with the latest global regulatory landscape and provides the highest level of configurability, all tailored to your brand.
See how TrustArc can help you deliver a compliant digital experience.