Everyone Profits On Shopper’s Data, Except For The Shoppers. But Web3 Is Changing That

Jan 22, 2024

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You might not know it, but as a consumer, your retail habits and online purchasing activity provide brands with the vital insights they need to deliver increasingly personalized shopping experiences, such as accurate product recommendations and ads that are tailored to your wants and needs.

While most shoppers are aware that their shopping activities are being bundled into a big database, along with key personal information such as their names, ages, email addresses and phone numbers, very few actually know how this data is being used. As such, most are also unaware of the tremendous value of this information. Advertisers are willing to hand over huge sums of money to access consumer’s data in order to understand their wants and needs, as evidenced by the enormous size of the global data broker market. In 2021, the market size was at a cool $319 billion, and that is expected to grow to more than $545 billion by 2028, according to a study by Knowledge Sourcing Intelligence.

Naturally, all of these data dealings take place without the knowledge or consent of the consumers who actually generate that data, and it means they never see any material benefits from them.

As such, it’s no surprise that the majority of shoppers feel as if they are powerless to do anything about it. According to a 2023 University of Pennsylvania study, some 79% of Americans surveyed that they feel they have little control over who can access their shopping history data. In other words, while people know their data is being collected and used, there is a general consensus that no one can do anything about it.

This is becoming a growing concern as technological advances are enabling the data acquisition market to expand into the real world, with retailers and brands increasingly able to collect information on who is buying what in physical stores, as well as online. Because more people than ever are using mobile devices for payments, and stores are increasingly connected, it has become possible for retailers to amass significant amounts of data on the people who visit their stores, including their personal information. It’s getting close to the point where retailers can identify every single product a shopper buys, whether it’s purchased online or inside a physical outlet.

Web3 Is A Game-Changer For Shoppers

While technology is the chief enabler of the data broker market, it is also helping to put more power and control back into the hands of consumers. With the rise of decentralized Web3 technologies such as blockchain and cryptocurrency, the companies that buy consumer data – such as brands, retailers and advertisers, now have a way to eliminate the middleman and collect data from shoppers directly, using incentives such as rewards and loyalty programs.

This is a groundbreaking shift within the consumer data industry, and it could well upend the older model entirely.

The has already emerged as a big hit in its native market Australia. It can be thought of as a universal loyalty and rewards program that any brand can tap into. Through the app, brands can encourage consumers to provide them with detailed information on their product interactions and shopping habits in exchange for rewards and discounts on new products and services.

From the consumer’s perspective, Shping is a fun application that drives an engaging experience for shoppers. In addition to providing rewards and discounts, it also provides useful information on every product a shopper is likely to come across while perusing a store. They can simply scan the barcode of any product to learn more about it, such as its nutritional information, while simultaneously verifying that it is legitimate and not fake. The app is also extremely convenient because it rolls up the multiple loyalty programs of different brands into a single platform.

The consumer incentives are numerous. Users can earn rewards in a cryptocurrency called $SHPING every time they purchase an item, no matter what brand or store it was bought in. To do this, users simply scan the receipt for each item they have purchased, and they’ll see their $SHPING balance increase. In addition, users earn an additional $SHPING every time they scan a barcode with the app to learn more about that product. Other ways to obtain rewards include writing a product review or watching a promotional advert.

Shping asks each user to consent to their information being shared with brands and retailers, but in return, they’ll be showered with crypto that can be used to purchase promotional items directly within the app, or sold for real money on a cryptocurrency exchange platform such as Coinbase.

Consumers have shown a willingness to cooperate with Shping in return for rewards, and its experience thus far tallies with the findings of a , which found that 75% of American consumers will willingly share their shopping data if brands make it worth their while.

The secret to Shping is that it enables brands to connect directly with consumers in a way that wasn’t possible before. As such, consumers finally have an opportunity to be fairly compensated for providing the critical information retailers and brands need to sell their products. Of course, brands like the app too, as it provides extensive tools for them to analyze its vast database of consumer shopping data and find the perfect target market for their products.

A Sweeter Deal For Shoppers

The vast majority of consumers have shown a willingness to embrace personalized shopping experiences that can help them to find the products they want, and most are happy enough to share their data to make this possible.

With the arrival of Web3, consumers are getting an even sweeter deal. Not only will they get to enjoy an even more personalized shopping experience, it’ll be more enjoyable too, as they can earn extensive rewards for each purchase they make, or even just browsing through a store.

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