Accenture research shows consumers unphased by data protection concerns
4 July 2017 | 0
An Accenture survey of more than 25,000 consumers worldwide has found that online shoppers are willing to exchange some personal data in order to get more convenient and intuitive service from retail providers. What’s more, new models of business were found to be gaining widespread acceptance.
The report, which included some 300 Irish contributors, found four business models were accepted by consumers for their online shopping experience. The Sharing Economy model gives consumers the option to rent products or retail online, rather than purchase them. Almost half of the Irish consumers surveyed said they would use this service.
The Personalisation Economy selects products to fit their personal preference based on their previous purchases. Around 38% of consumers said they would use this subscription.
The Replenishment economy model uses smart sensors to detect when a product is running low, and would automatically re-order and deliver for the consumer. Finally, the Services Economy provides consumers with the ‘do it for me’ service that allows someone else to do the heavy lifting.
Tim Cody, managing director of Accenture’s product group, said: “This report reveals that Irish consumers are relying more and more on digital methods of purchasing and the ease that this can provide – and that a significant percentage will compromise on privacy to achieve this. In order to thrive in this new world of automated purchasing channels and digital consumer behaviour, organisations must aggressively pursue innovation and be willing to disrupt themselves.”
The study found that 40% of Irish consumers would allow retail and Fast Moving Consumer Goods (FMCG) companies to collect their personal data in return for a better experience or financial reward, and 20% would subscribe to brands that analyse their shopping history to select products specified for them and order automatically.