What Incentivizes Consumers to Share Their Data?
With the fate of Google’s third-party cookies safe — for now at least — many marketers are still careful to put all their eggs in one basket. For most, first-party data remains central to their success, particularly as they move toward identity-based strategies, according to e-commerce analytics platform Decile.
“We know that the world is shifting towards consumer control of their data, which is exactly what Google announced, all while marketers understand that personalized marketing is the most effective,” Decile CEO Cary Lawrence, recently told P2PI. “Identity is the currency in marketing and brands need to double down on their first-party data no matter what Google decides.”
Decile recently surveyed e-commerce users to gauge their willingness to share first-party data and what incentives might persuade them to do so.
Some key metrics and findings include:
The majority of consumers surveyed (72%) said they would be more likely to share their personal data with a brand if offered an incentive to do so. If given an incentive, consumers are willing to share:
- Email (72%)
- Products of interest (53%)
- Phone number (47%)
- Address (37%)
- Birthdate (34%)
- Other demographic info, such as household income or ethnicity (21%)
In terms of incentives that would motivate consumers to join a loyalty program and share their data with an e-commerce website, respondents said:
- Discounts (74%)
- Reward points (59%)
- Early access to promotions or new products (32%)
- Gift with purchase (31%)
- Personalized recommendations (21%)
- Faster checkouts (20%)
- Other responses: cash back/gift card/money (6%), no incentive is worth it (3%)
“All of the back and forth with cookies reemphasizes how important it is to take control over your first-party data and not rely on platforms that have proven they can change on a dime," Lawrence added. "