SAN MATEO, CA--(Marketwire - Jul 30, 2012) - The e-tailing group and MyBuys, Inc. today announced results of a joint online survey of 1,000 consumers that examines the evolving relationship between consumers, retailers, and social media. The survey found that consumers are more comfortable sharing data with retailers than they are with social networks, especially if it enhances the shopping experience.
While many consumer advocates stress the need for tighter regulation in regard to consumer privacy and the use of consumer data, the majority of survey respondents (55%) responded that they are "mostly willing" to provide shopping preferences to trusted retailers in exchange for an enhanced shopping experience. In contrast, 52% of consumers responded that they are "much more concerned" or "somewhat more concerned" about sharing the same data on social networks.
"Today's consumer is a savvy operator who expects a tailored online experience. The irony is that they're more comfortable sharing shopping preference information with retailers than they are with social networks, which were designed for this type of exchange," said Robert Cell, CEO of MyBuys. "The onus is clearly on retailers to leverage this privilege responsibly to deliver on the promise of a better experience. The data strongly shows that doing so results in a better shopping experience for the consumer, increases brand loyalty, and makes it a win-win for both consumers and retailers."
When asked about specific types of information they would share, 63% of respondents said they would share the types of offers they prefer; 61% said they would share the brands they buy; and 60% would share the products they purchase.
On the mobile frontier, consumers remain more cautious. In fact, 76% of consumers indicated they have mixed feelings or find it somewhat undesirable to be geo-targeted on their mobile device.
"Online privacy is a complex issue and there is no 'one-size-fits-all' answer, but consumers are willing to share data when there is an equitable value exchange," Cell added.
Detailed results from the consumer insights survey will be released via a webinar at 2pm ET/11am PT on August 2, 2012. Click here to register or visit www.mybuys.com and follow the link on the homepage.
The corresponding white paper, titled "Nine Steps to 'Really' Knowing Your Customer," will be available starting August 13th at the eTail Boston show. Visit MyBuys at booth 65 or www.mybuys.com and www.e-tailing.com to obtain a copy of the white paper.
About the e-tailing group
The e-tailing group is a niche ecommerce consultancy that helps merchants to deliver the right customer experience on their websites and across all of their channels while adeptly assisting technology companies to create and execute go-to-market strategies that simultaneously educate the retail community and deliver cost-effective thought leadership and lead generation.
MyBuys is the leader in cross-channel personalization for retailers and consumer brands. They attract, engage, convert and re-engage consumers by capturing insights from each individual's actions; they then apply patent-pending personalization algorithms to predict the products each consumer would most likely purchase. MyBuys presents these products to consumers in a coordinated manner across every point of interaction: on web sites, through email, via display ads, on mobile devices, within social sites and through direct mail. Underlying the MyBuys personalization engine is a big data repository representing over 200M consumer profiles and 100 terabytes of data, which the company uses to deliver real-time product recommendations. More than 400 retailers and consumer brands partner with MyBuys to increase their sales, and the company was named one of the fastest growing private companies (#114) in the U.S. by Inc. Magazine for 2011. Visit www.mybuys.com for more information.