Public trust in corporate entities and government organizations has not been strong in recent months, in due part because stories such as the Target data breach and NSA snooping have started to come to light.
People are growing increasingly resentful of the fact that organizations are collecting their data without their permission and monitoring their digital and physical activities at seemingly all times.
“Consumers are aware that their data is valuable,” says the report. “Past misuse of personal data means managing data online is a growing topic of conversation. Consumers feel they’re due a slice of the pie. When they share their data, they expect value in return.”
According to Microsoft’s findings, 45 per cent of respondents are interested in selling their data for rewards, but are unsure how to go about it. Nineteen per cent, meanwhile, know how to sell their data and are more likely to be loyal to a brand that rewards them for it.
It also found that 32 per cent of respondents were willing to sell all of their personal data for compensation. The average asking price, according to Microsoft’s calculations, was $2,168.
Another 53 per cent responded that they would be more likely to buy from brands that gave them rewards for their digital data.
Microsoft offers a few tips for businesses that wish to get on consumers’ good side, including “Put consumers first – be transparent and tell them how you use their information” and “Empower consumers to control their data and they’ll give you more.”
And although many are still reluctant to accept the growing trend toward data collection and analysis, there is some hope for the future: according to the report, young Canadians 18-24 years old “are interested in continuously analyzing our data using devices implanted [in] the body.”
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