When completing a purchase, especially online, shoppers are often required to enter various forms of information about themselves, such as name, address, phone number and sometimes even birth​ date. While most consumers are comfortable giving out these details, others are not so sure about it.

Internet Retailer reports that research from the Luxury Institute revealed that shoppers buying luxury items online are not happy about sharing their information with businesses, but they only do so because it is required to complete a transaction. Of the 68 percent of customers who give retailers their data, three-quarters of that group only do it since it is necessary. Some of the hesitance of sharing these details comes from concerns for their privacy and security. Another reason was because some shoppers believe merchants sell their information to third parties, the source noted.

So how can businesses get consumers to give them information, most of which is vital for marketing and building loyalty? The importance of customer data is not lost on companies, as The Huffington Post reports a study by the Marketing Society showed that executives believe understanding shopper information is the key to success. Retailers can offer incentives, such as discounts, deals and free items to patrons for sharing details.

This entry was posted by Retail Pro on Wednesday, March 20th, 2013 at 10:38 am .