Retailers know that your trust is a valuable asset. In fact, 81% of consumers say trust is a deciding factor in their purchase decision. Before a consumer decides to buy, they want to know they are transacting with a business that is honest and transparent.
Why does this matter? When you purchase a good or service, whether online or at a brick-and-mortar location, you are giving that business more than your money—you’re providing access to your personal data.
Companies collect data on every consumer interaction, from social media engagement to the emails they send and your response to them to every virtual or in-person visit you make to their store and what you look at or buy. Retailers want to understand your behavior as a consumer so they can improve their customer service, personalize their offerings, and manage inventory.
The Value of Your Data
Of all the data companies collect about you, it’s your purchasing history, or where and how you spend your money, which is most valuable. However, this data that retailers collect is largely unprotected, and it can get personal.
Your purchase behavior and data can tell companies what your detailed interests, habits, and lifestyle is, information about your family, or where you are located. In some cases, the data retailers collect may make you uncomfortable. And it doesn’t just stop with the retailer.
It’s estimated that 1,400 leading brands sell information from store loyalty cards. Your personal information is worth a lot to businesses. Retailers know this. According to HBR, “collecting and selling data about people is estimated to be a $200 billion business, and all signs point to continued growth of the data-brokerage business.”
Though many major retailers don’t sell their customer data, they may share it through third-party data brokers. This puts your personal information, including what you buy and where, in the hands of an entity that you know nothing about. So how can you protect your data and prevent this from happening?
Consumers should have a choice as to what data they will share and with whom. And just as importantly – consumers should be able to access their own purchasing information, and to benefit from it. In some cases, you may actually want to share your data. According to Deloitte, “nearly three in four consumers are willing to share personal data if they receive things like better pricing, special discounts, or exclusive offers.” New privacy tools, like Pyrl, are making it possible for consumers to have these types of benefits and engage with trusted brand relationships without compromising their data privacy or having to share their private information.
How Pyrl Helps Maintain Consumer Privacy
Pyrl is a simple application to request, track and monitor your privacy across the places you shop, because your most valuable information is how you spend your money. It allows you to retake control of your data while letting you permit brand relationships on your own terms. It lets you decide for each individual retailer:
- If they are permitted to sell or share your data
- Whether you want access to see and use your own purchase information
- Whether and how often brands can make offers, if they honor your privacy
- How relevant offers must be
Pyrl, acting as your personal privacy agent, gives you one centralized location to control your data and manages your data preferences at the retailer level. Pyrl contacts retailers on your behalf, notifies retailers of your privacy directives, and engages directly with key personnel. Pyrl reinforces trust-based commerce and supports retailers that protect you and your data.
Put trust and value back in your own hands. We invite you to join the Pyrl Beta, and be a part of the first community of people who will own their most valuable data. Visit us at pyrl.io