The Power of Data Report.

Dig deeper into the consumer and business responses about the state of data, privacy and customer experience.

The New Data Deal

 

People have a complicated relationship with their data. They believe there is value in sharing data with companies, but they are increasingly uneasy about security, privacy and the value they are actually receiving.

But as companies strive to adapt and innovate in response to the uncertainty brought on by the COVID-19 pandemic, they are increasingly turning to digital technology as the foundation of business resilience. And digital technology needs customer data. It is the fuel that drives personal, relevant engagement. Now more than ever, brands need to understand their customers, which means they need to be intentional and thoughtful about their own relationship with data.

In January, we conducted a survey of over 5,000 consumers and 2,000 businesses globally on their attitudes and concerns around consumer data practices. While the surveys were conducted before COVID-19 began to seriously effect the economy, the responses are as important and telling today. For example, 67 per cent of consumers stated they were worried about identity theft, with 57 per cent of consumers saying they had experienced some type of data breach. Even more telling, almost half (48 per cent) see a lapse in data security as inevitable — agreeing that their personal data will be breached or stolen eventually.

67% are worried about identity theft.

57% experienced some type of data breach.

48% see a lapse in data security as inevitable.

Source: Adobe and Advanis

Despite having a lack of confidence in the security or privacy of their data, 76 per cent of consumers said they are comfortable sharing personal information. But they do so in expectation of a better customer experience.

Unfortunately, companies are underdelivering on this expectation. A significant majority (78 per cent) of companies believe that their organisation has the right tools and systems in place to use data to improve customer experience effectively. Yet only 48 per cent offer personalised content and only 40 percent provide the benefit of discount offers.

In an era where consumers hold much more power, trust has become the new currency — and brands should be doing more to build that trust. For consumers to trust companies more, they expect more transparency and more control. They expect a much better experience than what they’re currently getting in exchange for their data. And that means companies today may need to change their approach to data — sometimes drastically.

 

81% of companies believe they will have to demonstrate that consumers will receive a tangible benefit in order to justify collecting and using personal information.

 

Source: Adobe and Advanis

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Let’s talk about what Document Cloud can do for your business.