Increasing numbers of consumers see value in sharing their data
23 Mar 22
According to new research by the Global Data & Marketing Alliance (GDMA) over half of people surveyed (53%) agree that the exchange of personal information is essential for the smooth running of modern society.
The report finds that consumer are increasingly comfortable with data sharing, especially if there is a clear benefit of doing so. The vast majority of global consumers (82%) are prepared to engage with the data economy in 2022.
A key theme emerging from the research was trust. Trust in an organisation remains the most important factor driving consumers’ willingness to share personal information with a company. Consumers from 16 countries took part in the survey and 38% of consumers rank ‘trust in an organisation’ in the top three factors that make them happy to their share data.
Commenting on this finding Martin Nitsche, Chair of GDMA & President of DDV (German Data Marketing Association) said: “Given the diversity of cultures, economic development and digital maturity of these markets, this report is remarkable for the consistency of its findings across the 16 countries. Critically, consumers understand the part data has to play in the data value exchange. Trust remains the most decisive factor driving consumers’ willingness to share data, so the guiding principle of valuing privacy must engender trust at the heart of customer communication. The findings in this research confirm the importance of the GDMA’s Global Privacy Principles launched in 2021, which were designed to enable a consistent approach to data protection legislation and industry best practice across the world.”
Since the last report in 2018 almost half (46%) of global consumers feel more comfortable with the notion of data exchange with businesses – such agreement has grown from 40% over the last four years. In addition, 48% of stated data exchange as essential for the running of modern society – rising significantly from 41% in 2018.
There has also been a rise in ‘Data Unconcerned’ group; people who show little or no concern about their data privacy. 31% of people now fall into this category – up from 26% in 2018. There is also a decline of ‘Data Fundamentalists’, who are unwilling to share personal information. 21% now identify with this cohort, down from 23% in 2018.
Close to half of respondents (47%) remain ‘Data Pragmatists’, who are happy to exchange data with businesses so long as there is a clear benefit for doing so.
These findings are incredibly positive for organisations, particularly those that are continuing along the trajectory of data transformation. However, what it shows is that the value exchange holds strong. Trust has got to be at the heart of the relationship and as this grows businesses will have increasing scope to use data to enhance the customer experience.