Advancements in technology mean that value is no longer defined by the physicality of what we own, but what we know. Consumers have unprecedented access to information about products and the companies making and selling them, while retailers have incredible insight into consumer mindsets. Information is the new currency, and this goes both ways.
It’s easy to feel triumphant of the former but suspicious of the latter; companies are public organisations and consumers should be empowered to make the right purchase decisions, whilst the use of an individual’s personal information will always feel invasive. It’s important to note that information is of course not the be all and end all. In retail it is a means to an end - selling more physical goods both online and in Bricks and Mortar stores. Nevertheless, with almost every new technology or service today, privacy concerns will inevitably be raised.
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