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The Data Exchange Economy: Consumers willing to share personal data for a fair return

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The Data Exchange Economy: Consumers willing to share personal data for a fair return

But global report shows businesses worldwide are failing to deliver on this exchange.

Eight in 10 consumers around the world are willing to share key pieces of personal information with brands, a new report from data analytics and marketing firm Aimia indicates.

Yet businesses are failing to respond. Only 8% of consumers around the world feel as though they are actually receiving better offers from companies as a result of sharing their details.

An era of openness

More than 80% of consumers in the 11 markets studied are willing to share personal information such as their names, email addresses and nationalities with brands. Seventy per cent or more will share their dates of birth, hobbies and occupations.

Consumers around the world understand the value of their personal information to companies, with 68% globally ranking their data as valuable, and 31% ranking it as highly valuable. More than half (55%) say they will share their personal information to get better offers and rewards.

“Companies need to realize that the power in the Data Exchange Economy rests with the customer."

However, they are not feeling the benefits.

Businesses failing to make their business personal

Businesses are not using customer data to personalize and tailor customer experiences effectively. Less than a quarter (23%) of consumers say the communications they receive from businesses are highly relevant to them.

"This is a golden moment for companies to build meaningful relationships with their customers, but this opportunity will quickly disappear if companies fail to respond appropriately," said David Johnston, Group Chief Operating Officer at Aimia. “Companies need to realize that the power in the Data Exchange Economy rests with the customer. To be successful, companies must think about what they can do for the customer, not to the customer, with each personalized communication, experience and offer."

The study shows the opportunity is greatest amongst consumers in "Disruptor" nations (those countries with quickly accelerating loyalty markets), and with Generation Z and Millennial consumers. These groups are much more inclined to share their data with brands, offering mobile numbers, lifestyle information, email addresses and other critical pieces of information: