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Consumers feel little control over data, want to opt-out of data selling

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October 24, 2019

A Deloitte consumer privacy in retail survey reveals retail is "at an inflection point," according to a press release, when it comes to consumer privacy, as nearly half (47%) of consumers don't feel they have any control of their data and a majority, 83%, believe they should have a right to opt-out of the sale of their data.

The survey also noted that consumers are at a greater risk in regard to data breaches and that one in three Americans has been exposed to a data compromise. Yet consumers are willing to share personal information if there is a benefit.

The “U.S. Consumer Data Privacy” study polled  2,000 consumers as well as 201 retail executives on data privacy.

Additional findings include:

• Nearly three of four consumers (71%) are willing to share personal data if they receive better pricing, special discounts or exclusive offers.
• Consumers who are satisfied with privacy policies are more likely to be open or neutral about sharing personal data (73%), compared to those who are unsatisfied or unaware (57%).
• 75% of retailers believe regulations will have a moderate-to-significant impact on their business. Yet just 22% have integrated their data privacy plan with corporate and business unit strategy planning.

"While some retailers have moved the bar on data privacy, there is still a lot of work to do. The retail industry should advocate for a consumer privacy standard putting consumer 'centricity' at the core and trust as the guide. Transparency with consumers about what you collect and how you use it can go a long way in developing trust," said Rod Sides, vice chairman and U.S. leader, retail, wholesale and distribution, Deloitte Consulting LLP, in the release.