Digital technology is woven deeply into the fabrics of our everyday life. We lean on it for ease of shopping, research, navigation and productivity. While we unconsciously leave behind a trail of digital breadcrumbs everywhere we go, it has prompted a lively debate over consumer privacy and how this data is actually being used from the retail perspective.
While using data thoughtfully to curate and cater a personalized experience to this new generation of conscious shoppers, the conversation regarding rights and control and how retailers secure customers’ sensitive and private information is ripe for speculation. Today’s shopper is generally fine with retailers using their shopping history and information to cultivate a personalized experience, rather than being subject to a blanket marketing message – but many have grown wary of how exposed their personal data is.
All upscale retailers understand the benefits of employing a data-driven marketing model, but not all are created equally when it comes down to maintaining the full and total privacy of their customers’ data.
Mishandling data can mean risking future relationships and revenue
There have been a number of massive data breaches over the past few years that left a fragile and wavering trust through many consumers, resulting in a reluctance to re-share their personal data. While businesses have the ability to control access to the data after it’s been gathered, it’s their responsibility to ensure absolute privacy and security, while also looking for ways to improve the user experience.
Cannabis retailers have to manage the balancing act of remaining product-driven and customer-focused ensuring customers that their personal data is protected and centrally stored for secure and internal use only. It’s an important conversation for many retailers to have because it could place future revenues and customer relationships at risk if neglected.
Data can be leveraged for a personalized and distinct experience
Today’s customer demands an expedited shopping process. One that enables full ease of transaction while preserving their personal information and allows for a seamless continuation from where they last left off. Modern shoppers are vocalizing their desire for simple, easy, and reliable solutions to get them what they want – but only if the level of trust is a two-way street.
Studies have shown consumers are willing to share information with a brand they trust will protect their information. This level of trust provides the ability to leverage more accurate information and create a more intimate relationship with consumers. Strong behavioral data can be useful when deciding on new product promotions, managing inventory selection, and providing new product recommendations for their loyal customer base prior to purchase.
It empowers retailers to better understand, predict and prepare for sales patterns, customer interests, and inventory, and in turn, customers are treated to a VIP experience which educates and provides top of the line recommendations.
How a reliable solution can protect sensitive “first-party” data
Privacy and protection in this data-sensitive climate are imperative, and something that needs to be taken very seriously. Having forward-thinking innovation takes the strain off retail operations while working behind-the-scenes to process and make sense of this real-time information – in a consumer conscious way. This makes it easier for dispensaries to leverage these data points to cater to growing trends and demands, while also making for an intelligent route to being a better service provider to their clientele – and giving them the digital experiences they enjoy.
CocoonPod takes analytics to the next level and secures all cash transactions for dispensaries, providing peace of mind on both sides of the counter. This type of technology is on the cutting-edge of cannabis reform to help shape and champion the direction of the retail landscape globally – and to instill a new level of trust with this exciting and exploding customer base.