Consumers are calling the shots when it comes to data privacy

Consumers are calling the shots when it comes to data privacy

Changing behaviors and accelerated digital transformation triggered by the pandemic have become catalysts for conversations surrounding data privacy and consumers are making their expectations known. Our Global Consumer State of Mind Report, which captured the views of 8,000 consumers across the globe found that people want to take back control of their digital selves – something they believe they’ve lost during the pandemic.

The report found that over three-quarters (77%) of global consumers have taken steps to reduce their digital footprint for fear that they are losing control of their privacy. Furthermore, 76% believe that brands need to do more to protect their data privacy.

While the pandemic provided the perfect window of opportunity for organizations to gather vast amounts of valuable data, the future value of that data will now be dictated by the approach organizations take to preserving privacy. To avoid losing out to privacy-conscious competitors, here are four consumer insights that should trigger organizations to pause and absorb so that they can pivot and propel forward with privacy-first data strategies.

Consumers are taking action

Valuing their ‘right to be forgotten’, more than three quarters (77%) of UK consumers have taken steps to reduce their digital footprints; this rises to 84% of Generation Z (20 to 27 year-olds), highlighting how strongly society’s younger consumers feel about their privacy.

In efforts to pro-actively take back control, consumers are no longer merely calling for regulations; they are looking at the impact of their digital footprints and putting measures in place. These measures include rejecting/disabling website tracking cookies (38%), unsubscribing from email lists (36%) and using private browser modes on devices to avoid being tracked by companies (30%), signalling that brands need to tread with caution if they wish to retain trust.

Privacy is now a key differentiator

Adapt, evolve, or die. Data-driven organizations that are not already embedding privacy at the core of company culture are already behind. Privacy is set become a key influencing factor in purchase intentions with consumers signalling its importance. In fact, 6-in-10 (62%) global consumers already say it’s now a key differentiator when choosing to engage with a brand or particular product.

Demanding more than regulatory compliance, digitally-savvy consumers are now calling for the introduction of privacy certifications, with 62% globally stating they would feel more reassured and more likely to buy from a brand if it was officially certified according to a data privacy standard.

Read the full article on the Global Banking and Finance website.