Consumers are only just beginning to learn how their data are used, the value this information provides to companies, what digital identity is, and what is or isn’t AI. Given that other surveys such as the Edelman Trust Barometer show that people in general trust businesses above all other institutions right now, it makes sense that many consumers today simply trust companies to do the right thing on these fronts.
We have seen, however, that with awareness comes heightened concern about these issues. The survey results corroborate this: those who are more digitally savvy or are part of generations that were raised on digital are more likely to consider these issues on par with typical buying factors such as price when making (or discontinuing) purchases. Sales, marketing, and operations teams are likely spending time every day discussing the impact that factors such as pricing and delivery times have on customer behavior; the survey results suggest that it is time to ensure that digital trust is incorporated into these conversations as well.
Additionally, the companies that are doing more to build trust and are communicating this effectively to consumers will likely shift the landscape of consumer expectation even further. As an analogy, consider the increased awareness around the use of trans fat—built up largely through scientific research and company action—and how many food companies now print “no trans fat” on their labels. Consumers are now attuned to looking for trans fats and avoiding them. Those who fail to address trust risk getting “canceled” in consumers’ minds. While we see many consumers still using products from companies that have arguably violated trust, we’re seeing this slowly start to shift, which the survey results confirm.
Liz Grennan
McKinsey commentary
Associate partner, Stamford, CT
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1. Edelman trust barometer 2022, Edelman, January 2022.