Commerce is built on the concept of the value chain. The notion that you can take something of relatively little worth and, through various processes, increase its value is fundamental to a sustainable global economy. And, in the early part of the 21st century, it is “data” that gives rise to perhaps the most significant contemporary value chain of all.
As we are nearing Data Privacy Day, I was keenly amused by and surprised to see the results of a recent Privacy related survey conducted by McCann Truth Central.
According to the survey, in which 6,525 people in the USA and five other global regions participated, many perceive social sites like Facebook (54%) and Twitter (41%) a threat to their privacy. By contrast, a majority (nearly 71%) are okay with sharing shopping data with brands online, primarily because they find it useful when companies subsequently suggest things they actually want.
As someone who enjoys online shopping, I am okay with vendors suggesting and pointing me to items I might like to purchase based on my purchase history. It’s convenient and prevents me from having to manually search for the same which can be time-consuming.
However, both when shopping and using social network sites such as Facebook, I would NOT want any of the sites to expose my personally identifiable information (PII) such as name, financial information, home address, phone numbers, and email addresses. I trust the brands I buy from and expect them to safeguard my data at all times.