Decentralized Data Ownership and Hyper Personalization: The Future of Retail

The Age of Hyper-personalization

In recent months, we’ve seen the rise of Artificial Intelligence (AI) revolutionizing various sectors, including retail. (I know, old news right?) You know, the industry has been talking non-stop about this concept called “ hyper personalization” — a fancy way of saying, “Hey, we know what color socks you’re into.” And honestly, I’m not mad at it..

While this trend is undeniably significant and is impacting consumers’ shopping behaviors, I would like to propose a more daring AI claim: Decentralized Data Ownership. Sure, it sounds like the title of a particularly dry textbook, but stick with me here. This concept not only maintains the essence of hyper personalization but also takes a step further by allowing individuals to control and profit from their data.

Every day, we freely provide colossal volumes of data to big corporations, from our search preferences to our shopping habits. The current model hinges on corporations owning and using our data to provide more personalized services. However, a shift may be on the horizon where individuals could own their data and even profit from it.

The Power of Ownership

Decentralized data ownership might sound like a complex concept, but in reality, we’re already seeing glimpses of it.Companies, celebs, and anyone with a brand that makes heads turn, are at a fork in the road. Do they lock horns with AI over the use of their assets, or do they join the dance and cash in? Coca Cola took a swing at this idea, and so did Grimes, who has arranged a profit sharing agreement for those using her voice to create AI generated music. These cases presents a vivid example of decentralized data ownership, where individuals who contribute to the AI’s data pool can share in the profits generated.

Often, people are wary of sharing their data due to privacy concerns. However, this perspective shifts when they understand their data will be used to offer them tailored recommendations, thus saving their precious time. Now, imagine if they could also get paid each time their data is used for advertising purposes. What if they received higher compensation for providing comprehensive profiles of their interests to advertisers? In essence, it’s not about merely giving up data; it’s about actively participating in the data economy for personal gain.

I’d love to see a future all about owning your data and getting personal with AI. Decentralized data ownership lets you control and profit from your info, while hyper personalization keeps things tailored. Big players are already doing it. It’s time to hustle and shape the future of retail with your data in the driver’s seat. Share your thoughts.

With over 12 years of Program, Project, and Operations Leadership, Lauren is responsible for digital strategy and execution of enterprise level programs for leading Fortune 100 brands. She thrives with guiding large cross-functional teams to create web and mobile solutions for millions of delighted users.

Originally published at https://www.laurenselley.com on May 24, 2023.