GDPR might have given consumers more power over their data but three-quarters of Brits remain concerned about sharing their information with companies, according to new research, which shows businesses still have some way to go before gaining consumer trust.
The global study, carried out for ESOMAR and Here Technologies, reveals that transparency around consumer data collection can potentially have a significant impact on both trust and sales.
The research, which surveyed over 10,000 consumers in 10 markets, found that fewer than one in 10 in the UK said they are not worried about sharing personal information, and a third (33%) said they are worried about being burgled or physically harmed if they share their location data.
For many brands the collection of consumer data is a clandestine operation, but the study shows there is no need for cloak and dagger personal data collection if a company is transparent with their efforts.
Some 70% of consumers stated they would be very likely to share personal data if they understood that their information was being stored safely and securely, while two thirds were very likely to share personal data if it was clear how it was being used.
While the majority of UK respondents (89%) feel government legislation is essential for protecting against the misuse of personal data, only 28% agreed that current laws and regulations ensure this.
Even so, most respondents (86%) accepted that it is their individual responsibility to be aware of who they are sharing information with, but over three out of four respondents agreed with the statement: "It’s difficult to find information about how best to protect my privacy."
ESOMAR director general Finn Raben said: "In the UK, almost two-thirds of people have either had their emails or bank account hacked, their personal details leaked, or some other nefarious misuse of their personal data. People are understandably wary about sharing personal data.
"What this study shows us is that it possible to collect the data that businesses need to provide and improve offers and services, while at the same time respecting the consumer through ethical and transparent data practices.
"Not only can brands collect data, but they can improve trust and potentially boost revenue through transparency."