Aussies say they are getting a raw deal on data sharing
Australian consumers believe they are not getting equal value in exchange for giving their personal data to companies, a recent study has shown.
Only about 34 per cent of Australians said they received improved service or adequate benefits in return for giving up data, according to recent research undertaken by the Association for Data-Driven Marketing and Advertising (ADMA) and Global Alliance of Data-Driven Marketing Associations (GDMA).
The findings reveal key insights into consumer viewpoints and expectations with regard to the use of their personal data and provide tips for organisations to build consumer confidence and trust.
According to the study, consumers are concerned about their privacy online, but they increasingly accept the reality of sharing data. About 59 per cent of Australians are concerned about the issue of online privacy, but a similar proportion (61 per cent) also claim they are more aware of how their data is used and collected than in the past.
Today, about 53 per cent of Aussie consumers are happy with the amount of personal information they give to organisations. Forty-four per cent agree that they feel more comfortable exchanging personal information with companies than in the past.
According to the study, Australians see the concept of data being a personal asset that can be traded as an appealing concept, and 77 per cent would prefer to hold their own data and exchange it when they choose.
While most consumers feel they should take ultimate responsibility for their data, Australians currently do not feel a great sense of control over their data sharing. 81 per cent want to have more control.
Steve Sinha, acting CEO and COO of the Australian Alliance for Data Leadership (AADL), which oversees ADMA, said organisations need to invest further in strategies to ensure trust, transparency and choice are front and centre, and those who deliver on these attributes will be the ones that succeed in the future.