87% Indians would trade data for better consumer experience: KPMG Report
The second edition of ‘Me, My Life, My Wallet' report was released on Monday
As many as 87 per cent of Indians would trade their personal data to a company for better consumer experience, personalisation and better products, says a KPMG report.
The second edition of the report, titled ‘Me, My Life, My Wallet’, KPMG continued its exploration of the multidimensional customer — what’s driving their behaviour & choices and how this is set to change as the customer of tomorrow emerges.
The report mentions that within the 87 per cent chunk, 26 per cent would trade it for better customer experience and personalisation, 24 per cent for better products & services and 21 per cent for better security.
Talking about the findings, Avi Ranade, Partner & Head of Consumer and Channels, KPMG India, noted, “In developed countries, respondents were not happy to trade data about themselves, while in India they gave away for better experience. Indians are happy sharing data with technology companies because in short term they are getting something in return. Especially, the younger generation have nothing to lose by sharing data.”
According to the report, following India is China, where the survey found that 37 per cent of Chinese consumers would trade their personal data for better customer experience and personalization, compared to the global average of 15 per cent.
Next comes France where 33 per cent say they would not trade their data, compared to 24 per cent globally. In the UK, 34 per cent of consumers say their data is not for sale. Canada turns out to be the most cautious where 57 per cent don’t trust anyone with their social data, ahead of the global average of 36 per cent.
The survey (online and physical) included nearly 25,000 consumers across Brazil, Canada, China, France, India, the UAE, UK and US. In India, the number is roughly 3000, primarily in metros. The research explores six key themes of critical importance to organisations and institutions around the world-- trust, data, wealth and retirement, generational surfing, the customer of the future and the B2B customer.
It also provides an in-depth look at STEP (Social, Technological, Economic and Political) events influencing consumers of today, tomorrow and highlights emerging patterns of behaviour around the world.
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