Data privacy in the digital age: How consumer perceptions are changing
April 18, 2023
It’s clear that today’s consumers are more engaged than ever in the conversation around data and privacy. With businesses across a range of industries striving to gain a deeper understanding of their customers, it’s understandable that some consumers feel apprehensive about the potential misuse of their personal information. However, the allure of personalized offers and enhanced customer service offered by companies that truly understand their interests and preferences are not lost on consumers, many of whom willingly provide their data in exchange for certain benefits, like coupons or promotions.
In order for companies to gain meaningful insights into their customers, they must analyze a range of data, including basic information like names, contact information, email open rates, purchase history and more. Location data is a particularly valuable type of data, as it can offer insight into the points of commercial interest that consumers visit, providing a window into broader consumer trends and preferences.
But how do consumers really feel about companies using their data? A recent consumer survey by our company found that consumers are generally open to sharing their data if it benefits them personally. For example, more than 70% of respondents said they share their location information to improve the functionality of an app, while nearly 40% said they have done so to download and use apps for free. Furthermore, over 20% of respondents said they had shared their location information to receive relevant ads and promotions.