- A list and description of information collected
- Where you find that information
- Why did you collect it
- How it is collected
- Who else can see it and whether it will be shared or sold
- The rights that users have over their data
- How users can use those rights
- Your contact information
1. It is the Law
These protection laws are strict in the above countries and if one does not comply with them then they can be fined up to €20,000,000. Although it is not mandatory in all countries, it has several other advantages that we’ll discuss further in the blog.
2. To Build Trust
This builds trust and your consumers will not only not feel hesitant before filling in information, but shall visit your online store/website again. Keeping the policy long & complex doesn’t help, as it causes confusion. Keep it short, precise and to the point, so your customer doesn’t miss it.
3. Third Parties Require it
A lot of businesses work with third-party companies or applications to provide enhanced services. In order to work with them, business partners need to disclose how they handle private data as privacy laws become stricter.
Unicorn Companies like Google, Apple, etc. need to have detailed privacy policies and how they handle sensitive information. Their algorithms and analytics work using personal information related to consumer behaviour and while working in sync with third parties, policies become crucial.
4. To Avoid Legal Battles
Recent examples of Snapchat, Delta Air Lines and Google show us that robust policies need to be in place. A few loopholes and lawsuits can follow over questionable privacy policies and concerns.
The threat of legal action and potential penalties should force a business to develop policies that are understandable and cover all the information. With WhatsApp being fined $267 million in the EU because of a weakness in the policy, it is evident that policies play a major role when stakes are high and should be prepared carefully.
5. Secure, Informed & Comfortable
Recently, Dominos India and Akasa Air had a data leak which included the personal information of a lot of people. Incidents like these make a company lose brand value if they are repeated. Along with policies, it has to be made sure that data is kept safe and away from malware or hackers.
If customers are informed about the data they are giving, transparency is maintained and a comfortable business can be carried out. A sense of security is a must for any customer before he/she conducts business.
6. For SEO Marketing
For a business to rank on a search engine, SEO is an activity that they need to take care of. Websites that have strong privacy policies are preferred by search engines, which means you will have a better organic result ranking.
7. To Keep up with Technology
As technology, products, services and business customers keep growing it becomes harder to manage so many things. Using technology, one can make sure their entire system runs seamlessly while complying with all privacy policies and keeping data safe.
Egniol Group of Companies has already helped many Startups and MSMEs by providing start-up consultancy, website designing, digital marketing & legal services, so they can focus on their core strengths while we do the rest for them.