Is Consumer trust dead?

 

There is a loud voice circulating in the Privacy world from past one year – “Is Consumer trust dead?”

This is primarily because of the reason how large organizations are collecting consumers data and how regulators (or government authorities) are locking horns with these organizations and asking for hefty penalties. Media is also playing a very important role here which is making end consumers/customers aware on Privacy and injecting a kind of feeling that the trust is dead.

Consumers are primarily raising concerns on –

• ·       The type of personal information being collected
• ·       Who companies are sharing personal data with
• ·       How companies are using personal data
• ·       Vulnerability of personal information

As per one survey (2019) –

• ·       Over 60% of consumers are uneasy with companies using their personal data for analytics
• ·       77% say it is important for companies to be clear and transparent about how they use their personal data
• ·       55% of those born after 1979 say they would share more personal data with companies on the condition of total anonymity

Privacy should be a social responsibility. And these large organizations need to be develop their products keeping Data Privacy in mind. Create/develop products and earn trust, not ONLY money.

SS