More than a half of UK consumers are willing to share their personal data for reward points
As retailers look to collect more data on their customers to give them the more personalised experience they say they want, more than half of consumers say they are now willing to share that data – so long as they get something in return.
So finds a new study from Onbuy.com
, which reveals UK consumers would feel most comfortable with sharing, they (36%) report feeling least reluctant on fitness trackers. Just ranked slightly above by 1%, 37% of UK consumers say that they feel apprehensive sharing data on their mood.
However, 60% of UK shoppers would be most uncomfortable sharing their private conversations from the messaging platforms they are active on. Thereafter, a consumer's search history from their web browser was the next most cited (51%) source of data that consumers would refrain from wanting to share.
This is backed up by data from Information Commissioner's Office
(ICO) that reveals that only one in five UK shoppers have trust in how companies store and use their personal data. These findings are further echoed by Callcredit UK
which revealed that 60% of costumers want brands to be more transparent as to how their data is being used.
The research also revealed that there are moments when UK consumers would be willing to exchange their personal data, disclosing that they (54%) would do so for reward points. This is followed by financial incentives/ cash rewards, which 53% of UK consumers would be willing to trade their personal data for.
Conversely, personalised rewards or recommendations is the incentive that UK consumers would be least (16%) enthusiastic about exchanging their personal data. However, with the arrival of the European's Union GDPR, 61% of UK consumers believe they inevitably will be giving data to more companies for the foreseeable future.
“With multiple organisations suffering from high-profile breaches, data now more than ever is a major consideration for consumers," says Cas Paton, managing director of OnBuy.com.
Paton continues: "As consumers comprehend what their data can reveal about them, organisations have a key role in alleviating any concerns they may have. All organisations should store consumer data safely and use it only when they truly feel it will improve the experience as well as the interaction with their brand. "
Paton concludes:"This research certainly shows that there are certain incentives which will entice UK consumers more than others to share their personal data but when organisations use incentives – they must do so responsibly and with a clear purpose."
Photo credit: vege