For many organizations, data is increasingly viewed as a core business asset, and more companies have come to view exploiting data or selling it as a key source of revenue. However, these approaches may be fundamentally flawed.
In a recent study by DataGrail, 57% of consumers report feeling fed up or “creeped out” by current data privacy practices, and 74% of people said they would seriously consider abandoning their favorite retail brands if they found out the company did not keep their data safe. This sentiment was highest among Millennials and Gen Z, which is notable as they now represent the biggest spenders.
Consumers are willing to put their money where their mouths are on this issue, with approximately three out of four saying they would spend more to shop with a brand they trust in this regard. Further, almost half of respondents would pay up to $200 per year to prevent their information from being tracked by governments or targeted by businesses.
“People know privacy is a human right, and they are not willing to accept the status quo anymore,” said Daniel Barber, CEO and founder of DataGrail. “Data privacy and sharing in the digital age are not, and should not be, mutually exclusive. Given the choice, people will opt to share personal data with brands they trust, creating a flywheel of personalization (and revenue), all powered by privacy.”