More than half (55%) of consumers surveyed do not trust brands with their personal information, and 77% unsubscribe from brands because they feel their information is being misused. These are among the key findings in a new Optimove 2023 Consumer Trust of Retailers Survey of 406 U.S. consumers. Optimove is a Customer-Led Marketing Platform used by hundreds of leading global consumer brands.

Respondents said that their top fear is that their "financial information will be stolen," cited by 49%, followed by their "identity will be stolen," chosen by 33% of the consumers. Results revealed that respondents think trust between brands and consumers is eroding overall with the following results: getting worse (41%), staying the same (35%), and improving (24%).   

At the same time, a total of 64% are loyal to, and shop at, brands they do not trust comprised of the following: 32% shop at an online brand they do not trust "on a daily basis," and another 32% said they shop at brands they do not trust but "try to avoid them."

When asked what the "most important action" is in consumers trusting a brand, 56% responded, "having a policy that the marketer will not share personal information." The second most important action was the brand "asks my permission to offer suggestions," chosen by 31% of consumers.

And 82% of respondents said it is "extremely or very important" that they are "in control of the personal information they share with online brands."

According to Pini Yakuel, CEO & Founder of Optimove, "Trust and loyalty are inextricably linked. For consumers, if trust is broken by misuse of personal information, marketers rarely get a second chance. While consumers often choose an online retailer based on price, they will leave because of a marketer's service miscues. It means that once a customer engages with a brand, the marketer must make the customer experience stellar by listening to and responding to customer needs and desires."

Yakuel added that consumers are human and can be illogical. "More than six in ten consumers shop at brands they don't trust. It shows that price and convenience may be worth the 'risk' for a shopper. They will not necessarily switch when the brand has delivered on time with the right products – especially for commodities."