Data breaches have left consumers skeptical of organisations appropriately managing and protecting their personal data. With an increased focus on consumer rights, regulators and consumers proactively monitor organisations’ 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 can make a genuine, truthful connection with a consumer, it creates brand loyalty, which provides 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 organisations don’t give their customers more control over their data, many will immediately stop the relationship. Today, organisations should see privacy less as a barrier and more as an upside for its trust-earning potential.
Trust Begins with Privacy and Transparency
Modern data protection laws, including the GDPR, and more recent ones like the China PIPL, require companies to rethink how they manage their consumers’ data. Providing transparency to consumers and communicating with them on how their data flows throughout the organisation and its users is critical in doing business in the digital age. Regulations today signal a shift in expectations between consumers and companies, and companies will have to work harder to gain and maintain consumer trust.
Companies that have a strong privacy program and integrate privacy into their marketing activities have a competitive edge. They can give their consumers more control and choice over their data, resulting in building better consumer relationships, trust, and loyalty.
- Know what is on your website. Gain a comprehensive understanding of your website’s tracking behaviour, 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 customisable regulatory guidance dashboard and personalise the guidance based on your role and business to deliver the best privacy experience continuously.
TrustArc Consumer Trust offering enables organisations 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 at trustarc.com/consumer-trust.