Consumers know that their personal information is of financial value to marketers, but they're also concerned about transparency and knowing who is using their data - and how. A new survey finds that consumers worldwide value their personal data at between USD $13.30 to $88.70 and that four in 10 (41%) people regard their data as "highly valuable," up from three in 10 (31%) in 2014.
According to Aimia's Loyalty Lens survey, consumers gave the following price list for sharing their data (all prices in Canadian dollars):
- For online data such as browsing history and purchases, the average American set a value of C$52; Canadians and Australians both C$50; Britons C$35; Indians, C$24; and residents of the UAE, C$18.
- For information such as address, email and phone details, Americans valued this data at C$33; Canadians and Australians, C$50; Britons, C$35; Indians, C$20 and residents of the UAE, C$29
- South Koreans and Germans gave equal values to their different types of personal data at C$120 and C$73 respectively.
Other Key insights from the report (all text courtesy of Aimia):
The value of data is rising: Across all marketers, the number of customers who view their data as highly valuable has increased by a third since 2014. At the same time, more than six in 10 customers expect better experiences with companies whom they know hold their data.
Different data, different value: Data-savvy customers believe online behaviors and contact details are worth more to companies than lifestyle/demographic data. However, the perceived value of each type varies by customer and country.
Too much information? Seventy-one percent of respondents agreed "I don't know who knows what about me." Despite this, customers are sharing more and more data with companies every year.
Young and carefree: Seeing data exchange as an integral part of doing business, younger customers place a lower value on their personal data than their older counterparts. They are more willing to share data, but with this comes the expectation of a better experience.
A bulge in digital wallets: The penetration of digital wallets is on teh rise, with customers admitting to being increasingingly likely to use a digital wallet in the future. As digital walets move into the mainstream, marketers need to consider how they can use them to get closer to their customers.
Shoppers want to "take back control" of their data
Seven in 10 online shoppers (71%) believe their preferred brands are good at using their data to make online shopping better. But they also want to have more control over how brands use their data. Nearly eight in 10 (77%) consumers would like to have more control over what data companies hold about them. Money quote from David Johnston, Group Chief Operating Officer at Aimia:
"Today's consumers are digitally savvy. They know that their data is valuable to brands and when they share it they expect an improved service or benefit in return. It's encouraging to see brands recognizing this and we need to continue to offer tangible benefits to customers for sharing their data."
The rise of consumer data-dealing?
Aimia's findings show that more than half (56%) of consumers surveyed have taken steps to limit brands from tracking and advertising to them online. At the same time, new technologies that give consumers control of their data are appearing. These include Solid, from web-founder Tim Berners-Lee, and Citizenme's app. Paired with consumers' growing understanding of the value of their data, these could give rise to a new type of behaviour, where savvy consumers start to protect their data and share it for a cost.
Aimia's research shows that consumers are often more willing to share their personal information if they understand why information is being taken and how it will be used. For example, nearly seven in 10 people (69%) were willing to share their mobile number with a company when it was explained why they wanted it, compared to half (52%) when no context was provided.
For the study, Aimia interviewed more than 15,000 people in nine countries: U.K., Germany, U.S., Canada, UAE, India, Australia, South Korea and South Africa. Download a copy of Aimia's Loyalty Lens survey here.
