In what ways can companies strike a balance between leveraging customer data to create personalized experiences and respecting consumer privacy preferences in today's digital age?

Companies can strike a balance by being transparent about their data collection practices and obtaining explicit consent from customers before using their data for personalization. They can also implement robust data security measures to protect consumer information and provide opt-out options for those who do not want their data used for personalization. Additionally, companies can limit the amount of data collected to only what is necessary for personalization and ensure that data is anonymized whenever possible to protect consumer privacy.