Only 24% of consumers see the value of personalisation as the result of sharing data, according to a global survey from iProspect on data privacy.
The survey was conducted online with 23,867 responses from 16 countries across APAC, Africa, North America, South America and the European Union.
The survey revealed just 15% feel they’re getting good value from granting access to their data.
Millennials see more value in personalisation and expect to get more from agreeing to share their personal data than consumers in other groups.
Of those surveyed, 88% of respondents have either refused to give or provide false information when asked to provide personal information with data security being the main reason.
Most (87%) say they believe data privacy is a right, not a privilege with nearly half (49%) saying data privacy is a shared responsibility among businesses, individuals, governmental bodies and technology innovators.
Consumers in EMEA are more concerned about data privacy than consumers in other regions.
The vast majority (91%) are concerned about the amount of data companies can collect about them with 72% saying they have stopped using a product or service because of those concerns.
Data breaches can have dire impacts for business with 85% of respondents saying it changes their relationship with a company and 65% saying they stopped doing business with that company altogether.
Most (91%) who experienced a data breach reported decreased levels of trust with the companies involved.
iProspect national head of analytics and measurement Thomas Galluzzo says it is important for Australian marketers to see what the attitudes in other parts of the world are as they can have a direct impact.
“We know that the ACCC Digital Platforms Report highlighted the 'lag' of privacy laws in Australia compared to other countries and have recommended they are closer in line with both GDPR and that another review is due next year into whether any improvements to the privacy act are required," Galluzzo says.
"Nevertheless, brands in Australia are having to change their privacy policies anyway, before legislation changes occur in Australia.
“Brands in Australia need to also start thinking about 'zero party data' this is data that the user has provided themselves around their own preference not inferred like first party data.
"We know that people in marketing love a buzzword, but brands do need to have a think about ways to make some of the data collected specifically entered by the user. Users actually want personalisation, especially loyal customers, and therefore it is important to ensure data that is held about them is data they have shared with you."
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