14 DAY TRIAL // The advent of wearable devices whose main purpose is to track your stats, from sleep cycles to the number of steps you've taken, has raised a lot of concerns regarding privacy issues.
A new study conducted by the Acquity Group shows that 80% of customers have privacy concerns with wearable Internet of Things (IoT) connected devices.
However, in an interesting turn of events, almost half of them claimed they might be persuaded to share the personal data that such devices collect with third-party retailers if they were given compensations (discounts, coupons and such).
The appeal of getting things for free seems to have the needed power to overshadow initial doubts related to sharing personal data.
Only 9% of the people involved in the study said they would share their data for free, without being worried about the consequences. But when an incentive like a discount or a free coupon is thrown in the mix, consumers are noticeably more likely to change their mind.
28% of those polled are OK to share their data in exchange for discounts based on their lifestyle, while 22% will do so for info on better workouts that will help them reach their goals.
The same research shows that users are usually willing to share their information with relevant third-parties. For example, 57% of users will share info with their doctor, 27% with their families, and 17% with their friends. Which makes perfect sense.
President of Acquity Group, Jay Dettling, commented on the findings of the research, “Our data reveals a gap in consumers’ fears of data privacy and their actual purchasing behavior. To capitalize on these opportunities, companies should focus on specific benefits that sharing data will deliver to consumers.”
The trend outlined here is quite worrisome. Albeit being highly conscious of the fact that third-party retailers can easily take advantage of their wearable data, customers seem capable to push everything in the background when presented with the opportunity.
Not so long ago, popular fitness band maker Fitbit issued a statement which said they did not sell personal data to advertisers, contrary to concerns raised by a certain US senator.
Since there are currently no federal laws from preventing companies to share personal information from their devices, we sure hope that other manufacturers will follow in Fitbit’s lead and preserve personal data.
But as you can see, there are still ways retailers can get their hands on the much-sought-after private data.