US Consumers Want to Switch to Businesses That Prioritize Data Rights but Are Frustrated With Current Practices, New Report Shows
Transcend, the data privacy infrastructure company, announced the first release of Data Privacy Feedback Loop—a new recurring nationwide study of consumer expectations about data privacy in relation to their experiences with different companies. The Data Privacy Feedback Loop is the first inaugural report that will offer an ongoing map of the changing attitudes in consumer expectations on data privacy and business action.
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US consumers want to switch to businesses that prioritize data rights but are frustrated with current practices, new report shows
In the 2020 report, 1,018 Americans were polled June 18 – 23, 2020, in an online survey administered in partnership with the global research firm Kelton. The findings reveal a host of business opportunities for improvement on data privacy, including the potential for consumer loyalty, trust, and preference.
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“Data privacy is a burning conversation for consumers, companies, and regulators all around the world,” said Ben Brook, CEO of Transcend. “Businesses are not yet realizing the benefits of user-centric investments in data privacy. By creating a yearly measuring stick for consumer expectations on business practices, companies can better benchmark their practices against users’ preferences and innovate on data privacy in a way that aligns with consumer feedback and offers a competitive advantage.”
Companies that offer consumers greater data privacy visibility and control have the potential to unlock increased consumer trust, preference, and loyalty. Specifically, if given a choice to do so, 93% of Americans would switch to a company that prioritizes data privacy. A similar number (91%) would prefer to buy from companies that always guarantee them access to their data. Surveyed during the height of a global pandemic and economic uncertainty, nearly two in five Americans (38%) expressed that they believe it’s worth spending more money with companies that prioritize data privacy.
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