In this episode of Retail Right Now, Total Retail's Kristina Stidham and Ashley Chiaradio discuss three ways that data privacy will impact the retail industry’s future, as published in a recent article titled “How Data Privacy Will Reshape the Future of E-Commerce” by contributing author Chemi Katz. The first thing that will be impacted is retailers’ personalization efforts. Retailers use of personalization is here to stay, but not "as is." Consumers are demanding more transparency into retailers’ data collection practices as well as the usage of their data, therefore companies need to make it easy for consumers to understand the data they're sharing and what benefits they can expect from doing so.
The second point that Katz addresses is voice search. Specifically, the industry needs to rethink voice search, as it may not be the next big thing after all. A recent survey revealed that 28 percent of consumers worried that smart speaker devices lacked sufficient privacy protections, and very few people who own voice assistants use them for shopping. E-commerce retailers need to adapt to make voice search more profitable, as well as get consumers to view smart speakers as a shopping channel. To read about the third way retailers can expect the data privacy debate to impact the industry, click here to read the full article by Chemi Katz.