To share or not to share?
Consumers are becoming more conscious of the value of their behavioral data, generated by everything from connected cars to voice-controlled speakers – a rapidly growing range of connected items in our “always on” lives.
The implementation in Europe of GDPR (the General Data Protection Regulation) has increased public awareness about both the power and risks related to individuals’ data. We are all eager to embrace innovation, but at the same time wary of giving too much knowledge and power to businesses.
New companies are offering consumers ways to reclaim control over their data – and even monetize it! One example is Weople by Hoda: an app to manage personal rights, compliant with GDPR, in complete security. It also helps consumer generate value from their data, by exchanging anonymized information in return for tailored commercial offers.
Trust is a big issue, and it threatens to slow the pace of adoption of connected and personalized experiences. According to Connected Life 2018, a Kantar TNS study, 48 percent of Italian people do not want connected devices monitoring their activities, even if it would simplify their life (vs a global average of 43 percent).
In addition, 57 percent of Italian consumers are worried about the quantity of personal data available to companies, even if those businesses are using data to offer more tailored services thanks to a better understanding of the individual.
Being able to interact with transparency – and earning consumer trust – will be the winning element in reassuring people and leveraging the value of “data”.