Consumers are only just gaining a sense of just how much of their personal data brands have access to, with there being a fine line between having a more personalised or convenient experience and compromising on privacy.
According to a study conducted last year by Experian, 70% of global consumers would be willing to share more data online in exchange for benefits, suggesting that despite a growing awareness of data privacy, many continue to share regardless.
Research reveals that some people are comfortable with brands collected many different types of information on them, including highly personal biometric data, with 7% of Brits willing to share details of their DNA.
This is according to a survey of 5000 people conducted by media and marketing services company Mindshare, which was commissioned and analysed by password management and authentication company Specops Software.
Personal data Brits will share with brands
Brits were most comfortable with sharing email addresses, full name and date of birth, and nearly a quarter were also willing to share purchasing habits, and 22% believing it is acceptable to share their home address and telephone number.
When it comes to biometric data, 13% would be comfortable with brands having their fingerprints, and 14% would find it acceptable for brands to have knowledge of their mood, what they look like and what they look at on a screen. 15% would also be willing to share data from wearable devices.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Specops Software also surveyed 562 people in the UK to discover what incentives offered by brands would most persuade them to part with their personal data.
51% said they would be most willing if they were offered financial incentives such as cash rewards. Furthermore, 37% said that personalised recommendations were important, and nearly a quarter would share in exchange for free promotional merchandise, but just 16% would share data in exchange for invitations to exclusive events.