The last few years has seen an overwhelming focus on GDPR (General Data Protection Regulation) with most of the businesses engagements being governed by this comprehensive privacy framework. The fundamental premise of GDPR is to provide ‘Enhanced Consumer Consent’ requirements that aims to provide transparent and active elicitation of data allowances.
When consumers have explicit and transparent choices regarding their personal information (via privacy settings), the opt-in percentage of consumers is higher than the average – and this high opt-in volume can be attributed to the “enhanced consent” that empowers users to make more active and self-interested decisions about the collection and use of their personal information. For consent to be valid under GDPR, firms need to provide understandable terms of service and request consent in “an intelligible and easily accessible form” that clearly states who the data holder is, the purpose for data processing, who will access the data, and how the data will be used and shared.
Organizations with a scalable and robust framework of ‘Trust and Transparency’ for consumer data collection and processing, are in an elevated position to achieve profitability through direct participation of consumers – while also provisioning seamless access to contextual customer insights. The natural beneficiaries of the ‘Data Privacy & Consumer Consent’ framework are the Loyalty and the Hyperlocal Commerce systems.