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Personal Data: Will Consumers Protect It, Or Monetise It?

Phil Pomford, General Manager Asia-Pac, Worldpay | Dec. 21, 2016
Research from Worldpay suggests that many may be willing to use their own personal data as a form of currency, and exchange it for goods or services.

Although Hong Kong consumers have been wary of sharing their WhatsApp data, Worldpay's research indicates that there will, inevitably, be information that they are eventually happy to trade. Millennials in Hong Kong are already leading the way by frequently volunteering their personal information in order to connect with retail brands over social media. Indeed, young consumers around the world are now more willing to share personal details - age, gender and contact information, for example - if they can receive something in return. Key benefits might include access to exclusive offers, an instant coupon, or loyalty points that can be amassed and used at a later date. While consumers enjoy privileged access to special discounts and deals, available only to the retailer's social media community, the retailers themselves eagerly welcome this free and easy access to a huge volume of customer data.

The amount of personal data we amass online will only continue to grow as consumers increasingly move their shopping, socialisation and communication habits online. This is especially true in Hong Kong - a global hub for business and trade, where eCommerce is still in its infancy but demonstrating tremendous potential for growth. With consumers generating data every second of the day and becoming more and more comfortable sharing it in return for special offers and added value, it stands to reason that when it comes to purchasing content and services online, personal data could well become the new currency.

 

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