A recent study has shown that many consumers are choosing affordability over privacy protection.
As the size of the wearable technology market continues to grow, and consumers have a rapidly increasing number of devices from which to choose, many people are being swayed by low prices despite the fact that they continue to have concerns over mobile security in these gadgets.
New research has revealed that 80 percent of consumers were concerned about privacy related to wearables.
The study was conducted by Acquity Group. It showed that while four out of every five consumers were worried about mobile security issues when it comes to wearable technology such as smartwatches, about half of them were still willing to sacrifice a certain amount of their privacy to third party retailers by way of these devices if it meant that they would obtain savings discounts through coupons or other means.
Among the study participants, 28 percent were willing to sacrifice some mobile security for discount offers.
The research also showed that 22 percent were willing to share some of their personal data if it meant that they would be able to gain access to better workouts that promised to help them to be able to reach their fitness goals, or to obtain details on the best foods to eat to reach certain health goals such as weight loss. Another 19 percent said that they would be willing to share their personal information with third party retailers over their wearable technology devices to receive coupons for fitness gear.
Still, there were only 9 percent who were willing to use their wearables to share their personal information for no benefits or rewards. On the other hand, a much larger 40 percent of consumers said that they were completely unwilling to share their personal information with third party retailers regardless of what they were offered in return.
Acquity Group president, Jay Dettling, discussed this mobile security study, saying that “Our data reveals a gap in consumers’ fears of data privacy and their actual purchasing behavior. To capitalize on these opportunities, companies should focus on specific benefits that sharing data would deliver to consumers.”