ATLANTA, GA / ACCESSWIRE / September 28, 2021 / As a global pandemic forced lockdowns, stay-at-home orders, and travel restrictions, individuals around the world looked to virtual means of communication. Adults worked from home while children attended school over Zoom, and everyday tasks such as ordering food, attending medical appointments, and shopping all took place online. The coronavirus pandemic created rapid digitization of almost every sector, which for consumers, has raised some questions regarding their location data and privacy.
Dee Agarwal -- strategic advisor, investor, and entrepreneur - has studied consumer privacy concerns both before and after the pandemic, and has seen several patterns and trends over the past year.
"The everyday consumer is using technology more than they ever have before, and in doing so, many are giving away more information than they may be aware of. Digital technology is not just something we consume, but now it's something we contribute to, often even without realizing it," says Dee Agarwal.
Read on for several of Dee Agarwal's observations on consumer privacy concerns over the past year.
What do we give away?
In the age of digitization and rapid technological advancement, it's hard to keep track of all of the information floating around on the interconnected web. Here are just a few of the many kinds of information most consumers give away every time they go online:
- Your IP address, pinpointing your exact location
- Your clicks, mouse movements, and time spent visiting a page
- Places you have checked into and people you've been with on social sites
- Your browsing history, which can be sold in its entirety to advertisers
- Facial recognition surveillance
"In actuality, there's very little that the internet doesn't know about us. We've spent more time than ever on our phones and personal devices this year, meaning we've added to this information bank quite substantially" Dee Agarwal says.
Reclaiming ownership
With many consumers realizing just how much information they have given away, some individuals are looking to reclaim control of their digital privacy. In their 2021 Global Consumer State of Mind Report, Truata found that 77% of global consumers are actively trying to reduce their digital footprint, with over 76% believing that they should have full ownership of their digital presence.
"Now that people are becoming aware of how much of themselves and their information is available for businesses to access online, they want a little more visibility and a deeper understanding of what companies have the ability to access. This presents an interesting position for businesses as we enter a post-pandemic world," says Dee Agarwal.
As many businesses relied on this consumer data throughout the pandemic, businesses are now at a crossroads and must consider how to strike a comfortable balance for customers moving forward.
The great trade-off
Despite the increased interest of consumers in reclaiming ownership of their data, a continual desire for personalization still remains. In their same report, Truata also found that consumers are willing to pay more for a personalized experience.
"The majority of consumer data that is accessible to companies is used to provide them with a highly personalized experience that is tailored to their interests and preferences, which consumers like," explains Dee Agarwal. "The use of consumer data is not malicious, but companies have a responsibility to ensure that our consumers feel comfortable and informed."
However, while personalization is still a high preference, the study found that 60% of consumers in the UK and US would prefer to not have personalized offers if it meant they could keep their privacy - a statistic that is slowly rising.
"We've gotten used to having things at our fingertips, exactly how they best suit us. What many consumers don't realize is that they're exactly how they want them to be because they've given their personal data in return. So there's a trade-off here - privacy and personalization are constantly in a game of tug-of-war," says Dee Agarwal.
Privacy post-pandemic
With both consumer privacy and personalization at the forefront of many conversations, many businesses and tech companies are attempting to find a way to do both -- to build security into the customer experience.
"With where we stand now, striking the perfect balance between privacy and personalization poses a challenge for businesses, but we can definitely start by creating ways to better protect and steward consumer information for the future. In an age where purchasing patterns are aligned with personal values, protecting data privacy is increasingly important for retaining customer loyalty and trust. Coming up with a solution in this arena can really give your business a competitive edge," says Dee Agarwal.
For more consumer insights and projections post-pandemic, learn more in
Dee Agarwal's Insights on Thriving Industries Post Pandemic.
CONTACT:
Andrew Mitchell
media@cambridgeglobal.com
SOURCE: Dee Agarwal
View source version on accesswire.com:
https://www.accesswire.com/665938/Dee-Agarwal-on-Shifting-Data-Privacy-Attitudes
