How can companies strike a balance between utilizing customer data for personalization and respecting consumer privacy concerns when creating a personalized shopping experience online?

Companies can strike a balance by being transparent about how they collect and use customer data, obtaining explicit consent from customers before using their data for personalization, and allowing customers to easily opt-out of data collection. They should also prioritize data security and compliance with privacy regulations to build trust with consumers. Additionally, companies can offer personalized experiences that enhance the shopping experience without compromising consumer privacy, such as using anonymized data or aggregated data for personalization.