Report. The benefits of sharing personal data are drowned by discomfort for many consumers. They feel there is no fair value exchange or individual data control. If brands don’t want consumers to turn off and tune out, they need to work on digital trust, says a new report Fair Trade? from Amazeone.com.
70% of UK consumers are concerned about the way personal information is collected. Only 18 % feel they have some degree of control over it. Those that do feel in control are more willing to share data. Surprisingly, people over 65 are are willing to share more personal data than younger age groups, while the younger segments tend to be more interested in personalized content. The ability to control your own data creates a greater feeling of trust; 46% states that an ability to delete data would encourage them to share more.
Trust is hard to earn. And trust is built in many ways, but from a personal data and communications perspective, the researchers behind the report, define two vital elements;
- Control: Being able to easily provide, view, amend and delete personal data, which is held by a brand is extremely important for consumers.
- Value exchange: Reasonable consumers don’t expect something for nothing. But they do expect that, by trading their personal data for the promise of better experiences, ease of purchase or special offers, the reward should be worth the effort – and be of genuine value. It should be a fair trade.
According to the report, the current consumer distrust and perceived imbalance in the ‘value exchange’ has turned many to adblocking, which increased globally by 90% between 2015 and 2016. There are now 419 million adblockers globally on mobile devices alone.