A new study published by Ketch and MAGNA aimed to understand the attitudes towards privacy from the people behind the data, UK consumers. The survey sought to identify how people value their privacy and how organisations can build trust by taking advantage of responsible data practices. The report identified that 67% of respondents highly value their data privacy. In terms of importance, more people feel strongly about data privacy than any other ethical issue, beating sustainability (53%) and diversity (50%). Furthermore, 77% of people are concerned about how and why their data is collected, while 75% feel they do not have control over their data.
On the flip side, the report identifies being transparent and giving customers control over their data can have a positive impact on trust, loyalty and net promotion. Overall, 89% see a positive impact on their relationship with the company, with 53% trusting the company more, 38% would prefer the company over competitors, 33% would support the company more, and 23% would become brand advocates. The report identifies four responsible data practices that will result in a 28% increase in purchase intent:
- Transparent information handling practices
- Data minimisation
- Eliminate data sharing without consent
- Defined retention periods
The full report provides even further insights.
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