This McKinsey report shows the importance of digital trust

Online shopping is going through a quiet renaissance. Maybe you’re aware of it, maybe not. But a number of businesses have spotted a new consumer trend - and have been taking advantage of it to help increase their bottom line.

But this trend isn’t in the way people shop, it’s where they’re shopping.

After years of dodgy data collection, consumers are now more aware than ever about what’s going on behind a webpage. The knock-on effect is that a heightened awareness means shoppers now expect their data to be respected as well as protected.

Some forward looking businesses have already seen this trend and jumped on board. They’ve been adding value by offering consumers trust and transparency when it comes to how they treat their data.

What McKinsey’s latest research has shown is that businesses building trust into their DNA are more likely to see annual growth rates on their revenue of at least 10% or more.

With so much to gain from trust and transparency, we’ve gone through the McKinsey study in detail and pulled out some of the key takeaways so that you and your shop can gain a competitive edge.

What is the McKinsey Global Survey on Digital Trust?

McKinsey surveyed More than 1,300 business leaders and 3,000 consumers globally to understand how people view privacy and data protection policies.

What the study shows is that consumers now expect transparency from businesses they’re dealing with. McKinsey found that a majority of consumers now look specifically for businesses that have a reputation for protecting their data.

But consumers are going even further than just looking for these businesses. A majority of Millennials and Gen Z for example, now consider switching brands when a business’ data practices are unclear. Consumers want clarity about how their data is being used.

What does the study say about consumer behaviour?

One of the most interesting pieces of data is that consumers see trust-worthiness and data protection as almost as important as price. And they’re now saying it’s equally as important as delivery times.

The statistic is intriguing, as many shop owners focus on strategies relating to price and delivery times when customers are valuing trust and transparency just as much.

And while 85% of respondents say it’s important to know a company’s privacy policies before making a purchase, more than half of respondents (53%) will only buy from companies after they’ve made sure that they protect customer data.

What McKinsey has discovered is that, for the modern consumer, digital trust truly matters, and their research shows many consumers are now willing to take their business elsewhere when companies don’t deliver it.

What’s the trend when it comes to B2B services?

If your business is using 3rd party software or plugins, the trend is also towards digital trust.

56% of businesses are more likely to switch brands when a company they work with has unclear data practices. That means that many shops are re-evaluating their contracts with companies that harvest their data to make their B2B products work.

The trend is towards finding tools that don’t need your shop's data to work. And while businesses are more likely to switch brands, 52% of B2B buyers have actually cut ties with companies that violate their digital trust. Businesses are no longer letting providers do whatever they want when it comes to data, trust and transparency.

When it comes to using tools like Motive Commerce Search, business owners expect a high level of privacy and trust, something that Motive Commerce Search delivers and has built into its design.

Finding the right tools that respect trust

According to the McKinsey research, companies like Motive.co, who respect customer data, will see an increase in collaborations as shop owners become fed up with having their data harvested from their current collaborators.

Motive Commerce Search is a plugin built on the principles of Privacy by Design. What that means is that the tool doesn’t need data generated from your shop or your customers’ browsing habits to provide a great experience.

What the research has shown is that digital trust can improve your bottom line. Today’s consumers aren’t just looking for it, but expecting it.