Discount retailer B&M has been revealed as the nation’s most trusted retail brand as it leads the industry shift towards “trust and transparency”, according to the Ethical Commerce Alliance’s Retail Trust Index.
The high street retailer – which is expected to benefit from the recent closure of Wilkos – scored highly with consumers and was closely followed by the likes of Lidl, Boots, Smyths and Waterstones.
Considered to be the least trustworthy retailers were WHSmith, Costco and The Works – who have all dealt with data breaches over the past year. Card Factory, PC Works and Iceland also have some work to do on their consumer perception as they rounded out the ‘least trustworthy’ list.
This comes as close to three quarters (74%) of shoppers said they are actively changing their shopping habits to avoid being tracked by retail brands.
The report also found that a vast majority (up to 80%) of customers were now aware of retailers’ intrusive data practices – up from 20% last year, while 75% said that they would avoid shopping with a retailer that had been hit by a cyber attack.
“Retailers can no longer ignore the importance of privacy in their digital operations,” said Ethical Commerce Alliance director Nina Muller.
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“With regulatory bodies like the ICO and the European Court of Justice looking to uphold the ethical standards laid out by GDPR as they’ve done with Big Tech, retailers have to put customers first. They need to earn their trust, ensuring that ownership, respect and transparency are at the heart of their operations.”
Empathy.co founder and CEO Angel Maldonado added: “This year’s Retail Trust Index signals that change is already here. Tides are turning with retailers like B&M and Lidl leading the industry shift towards trust and transparency.
“With retailers now investing in privacy, it’s clear that the industry is understanding the value of putting people over profits. The rest of the industry must learn from those respecting consumers, as privacy has now become the currency for success.
“If retailers don’t respect something as common as privacy they risk losing them to rivals. After all, common sense always prevails in the end.”
