{"id":5454,"date":"2023-03-24T21:43:15","date_gmt":"2023-03-24T19:43:15","guid":{"rendered":"https:\/\/trends.tuio.ro\/trends\/data-as-currency\/"},"modified":"2023-03-24T21:43:15","modified_gmt":"2023-03-24T19:43:15","slug":"data-as-currency","status":"publish","type":"trends-cpt","link":"https:\/\/trends.tuio.ro\/edition\/2024\/trends\/data-as-currency\/","title":{"rendered":"Data As Currency"},"content":{"rendered":"","protected":false},"excerpt":{"rendered":"<p>Consumers are becoming increasingly aware of the value of their personal data and the ways in which it is being traded and used. Many are exploring ways to maintain their privacy and control over their data, especially as privacy concerns become more pressing. Brands are responding to this desire by providing more privacy options, creating clear benefits for sharing data, and being transparent about how data is used. Brands can also help build trust with consumers by offering control over data usage, highlighting the benefits of sharing data, and promoting online safety.<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"template":"","trend-keywords":[5745,5632,5640,5734,5732,5769,5641,5782,5733,5679],"trend-themes":[],"trend-categories":[5731,5638,5737],"class_list":["post-5454","trends-cpt","type-trends-cpt","status-publish","hentry","trend-keywords-advertising","trend-keywords-consumer-attitudes","trend-keywords-consumer-habits","trend-keywords-consumer-protection","trend-keywords-data-privacy","trend-keywords-digital-footprint","trend-keywords-health-trends","trend-keywords-personalization","trend-keywords-privacy","trend-keywords-social-media","trend-categories-brands-advertising-trends","trend-categories-consumer-attitudes","trend-categories-data-privacy"],"acf":{"report":"FORESIGHT FACTORY - Global Trending","long_trend_summary":"Personal data is a valuable commodity to be traded and kept safe. Consumers are exploring ways to circumvent the data economy and escape oversight. This is especially pressing where human rights are at risk. In the US, for instance, consumers are being advised to delete their period tracking apps after the overturning of Roe v. Wade, to avoid prosecution by law enforcement who could use this data against them. In Europe, awareness of the General Data Protection Regulation (GDPR) has more than doubled in the past four years data. Brands are responding to the desire for more data privacy: Google plans to phase out cookies in Chrome in 2024, with the aim of moving to a more privacy-focused mode of tracking. And we are seeing the rise of encrypted messaging apps like Signal and Telegram, which promise a more secure mode of communication than WhatsApp or Facebook Messenger. Nevertheless, data pragmatism remains the dominant attitude among consumers. A majority of global consumers (58%) agree with the statement \u201cI like the brands I buy from to recognise me as a customer\u201d, suggesting a level of comfort with personalized interactions, which are often powered by data (source: Foresight Factory, 2021). Indeed, over half (54%) of consumers across 16 global markets are happy to exchange data with businesses so long as there is a clear benefit for doing so. Just 18% qualify as Data Fundamentalists, meaning they are concerned about online privacy and unwilling to provide personal information, even in return for enhanced service. And yet, while many consumers are happy to hand over personal information, there may be a disconnect in the future when it comes to expectations of value exchange: a majority of consumers expect companies to keep improving levels of personalisation without having to collect more of their data. Give consumers a sense of agency and control over how their data is used. Give consumers the option to choose the rewards or benefits they receive in return for their data, offering a range of privacy settings, and being transparent about sharing any information with third parties. Maintain open communication channels, complying with customers\u2019 requests to delete personal or sensitive information in a timely manner. And remember to always communicate the principle that sharing data is a choice, not something foisted upon them. Prepare for a world without third-party cookies by giving consumers a reason to opt-in to sharing directly. Consider the end of Google Chrome cookies an opportunity to strengthen your one-to-one relationship with customers through first-party data. What novel experiences and services could you entice consumers with \u2013 whether it\u2019s a virtual event, a compelling newsletter or an exclusive community \u2013 that would warrant collecting their information? Do you have a solid social media marketing strategy that allows you to target interested communities directly? Now is the time to hone these areas. Clearly highlight how consumers can benefit from sharing their data. Brands can play a role in reassuring consumers that sharing data can reap rewards for them too. Could you, for example, promote messaging that shows how data-powered personalisation creates an all-round better and more inclusive experience for customers? Or could you highlight how sharing data can be a positive social act, giving small businesses a chance to grow and thrive without having to spend big on mainstream advertising? And could you assuage security concerns by explaining that tracking can be a way to boost customer safety? Recognise and reflect consumers\u2019 desire to opt out of being always visible online. The pressure to perform is keenly felt, especially by younger generations. Going Incognito holds appeal in a world where \u201cpersonal branding\u201d and self-promotion have arguably been pushed to the extreme. As you invite consumers to socialize and connect with you and one another in online spaces, could you give them freedom to experiment with different digital identities and pseudonyms? Key to success here is striking a balance between allowing for anonymity and protecting users\u2019 wellbeing and safety.","report_button_title":"Click to access the source report","report_button_url":"https:\/\/www.foresightfactory.co\/trends-report\/"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/trends-cpt\/5454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/trends-cpt"}],"about":[{"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/types\/trends-cpt"}],"author":[{"embeddable":true,"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/users\/1"}],"wp:attachment":[{"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/media?parent=5454"}],"wp:term":[{"taxonomy":"trend-keywords","embeddable":true,"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/trend-keywords?post=5454"},{"taxonomy":"trend-themes","embeddable":true,"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/trend-themes?post=5454"},{"taxonomy":"trend-categories","embeddable":true,"href":"https:\/\/trends.tuio.ro\/edition\/2024\/wp-json\/wp\/v2\/trend-categories?post=5454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}