Consumers around the world get frustrated when brands fail to deliver relevant, tailored experiences, something they are increasingly demanding. They’re also concerned about giving companies too much personal information, which paradoxically is what brands need in order to deliver such experiences in the first place. Meanwhile, poor personalization resulting from a lack of trust costs companies trillions of dollars annually, according to new research from Accenture Strategy, which surveyed 24,877 consumers across 33 countries.
Robert Wollan, senior managing director and advanced customer strategy global lead at Accenture Strategy, said that as technology like AI, machine learning and digital assistants becomes mainstream and gets more sophisticated, companies are offering new services “that intelligently anticipate and flex to their customers’ precise needs, offering a level of hyper-relevance not experienced before.
“Those that succeed will hit a sweet spot whereby customers will be willing to share more personal insights into their world in return for greater value and the confidence that their data is protected,” Wollan said.