With the IoT blazing full speed, some consumers are becoming increasingly guarded about voluntarily sharing their personal info with businesses.
In response, companies that recognize the value of such data are starting to provide incentives like credits, discounts and coupons to consumers who provide it.
Initial research indicates consumers may be amenable. In a global consumer study in 2016, for example, 54 percent of all respondents (and 63 percent of millennials) said they might provide companies data from their smart home in exchange for money.
“Such strategies challenge the dominant model of data collection without any monetary benefit,” writes Cassandra Liem on Bruegel.org. “(They) clearly illustrate data can be considered — even from a consumer’s point of view — as a currency for their online activities and transactions.” Read more