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Data privacy trumps price as top consumer concern, says report

08.06.2016
Data privacy trumps price as top consumer concern, says report

Personal data control is now more important to consumers than product and services’ pricing, according to a global future trends report by J. Walter Thompson’s consultancy, Innovation Group.

 

The survey of more than 1,000 consumers unearthed considerable concern about online privacy, with 91% responding that they would like more control over who can access and use their data and 67% fearing that technology is “taking over their lives”.

“We have reached a new cultural milestone in the debate around data privacy,” said J. Walter Thompson Innovation Group European director Marie Stafford. “This doesn’t need to be a warning of impending doom for brands, but in fact can represent a major opportunity.

“By ensuring they acknowledge consumers’ digital liberties and privacy while harnessing advanced technology they can deliver utility, optimisation and engagement as well as building deep and personal relationships.”

However, Stafford says that not heeding the shift can damage relationships irrevocably, with brands needing to build trust.

Another key finding of the report was the importance of customisation with 53% of respondents wanting companies to personalise communications and 67% saying this would make them more likely to buy a product.

The study shows that 22% of global consumers are happy to delegate to an automated system with almost a third of the UK happy with the idea of a robot assistant.

“Consumers want brands to understand the personal needs and make their lives easier,” added director Elizabeth Cherian.

“AI is a powerful tool for meeting these demands, but it must be handled with care as it’s powered by sensitive, personal data. Any brand interested in leveraging this technology must remember that if they don’t get the privacy issues right, people will walk away.”


Source:
http://mandmglobal.com/data-privacy-trumps-price-as-top-consumer-concern-says-report/