Polish consumer is willing to share his personal data

Knowing your customers is one of the keys to success in business, and loyalty programs continue to be an excellent way to collect it. In order to get discounts on product purchases, as many as 40% of Polish consumers are willing to provide their personal information. This information results in higher profits – retailers that provide customers with loyalty programs are seeing an increase in revenue.

These are among the key findings of the Adyen Retail Report 2024. The survey was conducted among 38,151 consumers and 13,177 companies from around the world, including, of course, Poland. Respondents answered survey questions from January 15 to February 1, 2024.

Why are loyalty programs important?

Despite customer preference and the fact that 71% of retailers using loyalty programs are experiencing revenue growth, retailers’ eagerness to invest in these programs appears to be fading. Over the past year, as many as 20% of retailers have stopped investing in them. What might be the reason for this?

Often due to a lack of ability to realize the potential of loyalty programs. Only a quarter of retailers know their customers well enough to offer them personalized products. 10% of representatives of the companies surveyed said they lacked data on their customers, as well as the right technological infrastructure to understand their behavior.

This significantly limits the growth of businesses. Nearly two in three consumers want retailers to improve the way they reward them for their purchases. A similar percentage expect personalized discounts, which they will return by handing over their data – as many as 40% are willing to do so.

Rather than abandoning these programs, retailers should therefore focus on optimizing them and implementing them effectively to capitalize fully on their potential. The gamble is worth the candle, as companies that know their customers well have seen a 5% increase in revenue compared to last year’s average.

Increased loyalty and sales due to technology

Of course, it will be very important to have the right technological solutions. For example, an app that will add a new dimension to interactions with the store. As many as 67% of consumers will download it to enjoy the benefits that are better for them.

Payment data can be used to more accurately personalize and thus strengthen customer loyalty. Their potential is being recognized by more and more retailers, and some are already using them to very good effect. One global leader in sporting goods sales is using payment data to personalize its homepage. The result is a significant increase in revenue.

Solutions to collect more data at stationary stores will also be useful. This is still an important channel for many consumers, and retailers should keep this in mind.