For the right price, companies can apparently buy the privacy of Internet consumers because even though 8 out of 10 have concerns about wearable technology, some are still willing to give up crucial data. But most of them are ready to do so on the condition that they get something in return like coupon codes, discounts or freebies.
According to a survey by Acquity Group, people may be hesitant to give up data privacy only to a certain extent and when there’s nothing to be gained out of it. At the same time, this reluctance does not appear to have much effect on their consumption decisions in the end.
What this means is that companies can carry on mining information in order to enhance their businesses as long as they’re willing to award specific benefits to customers who are willing to share their personal data. The capabilities of wearable technology do seem to worry users with regards to privacy in terms of their location tracking capabilities for one.
In spite of this, folks may still be prepared to give up their location if it could help the navigator find directions optimally. Also, the prices of wearable gadgets are tempting many to embrace the technology. Talking about smart, connected homes, the survey respondents indicated their willingness to share information in exchange for discounts available in the areas.
Even with 80% of consumers worried about their privacy, 50% of the survey participants were ready to sacrifice it to third-party retailers via wearable devices for discounts or coupons. 19% felt they wouldn’t mind sharing data for coupons on exercise gear, while 22% were willing to do the same in return for better workouts to accomplish their fitness goals as well as info on the best food to eat.
Acquity’s 2014 State of the Internet of Things study discloses that out of the total number of participants, 40% said they wouldn’t share personal data just for the sake of winning perks and 9% didn’t seem to need any incentive to give up their privacy to a reasonable extent.