Mobile communication technologies have changed more than just communication between people. They have altered our expectations and daily habits in ways that influence human commerce. People are increasingly willing to embrace new technology that can better their lives and utilize location tracking on a daily basis.
With more and more personal data being online, clarity in both where the data is used and what value is being brought to the consumer in return is needed. Consumers are becoming increasingly aware of the value of their personal information. The way in which people run businesses as well as how they consume will change drastically in the future.
Many new platforms, online services, and marketplaces coming up daily, the landscape of consumption as well as the security of personal information is transforming. As people continue becoming more aware of their data, they will become less eager to give it up as easily, especially if they see minimal value in these transactions.
With mobile phones being with people at almost all times, new insights into buyer purchasing patterns can be examined and used to optimize retail. For example, with location tracking it has become apparent that, 93% of people who use mobile to research go on to complete a purchase of a product or service, most of which happen in physical stores.
The current data economy is dominated by B2B models but this could be slowly changing over. Consumers in exchange for highly personalized services, are treated as data providers. But despite this, they often have little visibility or control over how their data is collected and used. Several services have been developed enabling consumers to have more agency over their data assets and even monetize them. With services like DataWallet by Pnyks, Inc. the gap between consumers and their control over their data is being closed, allowing them to manage and even monetize their data assets.
According to Pew Research , 92 percent of 18 to 34 year old Americans own smartphones . Additionally, more than 70% of all Americans are smartphone owners and tend to be highly educated and have higher incomes. With these types of overarching data collection as well as targeted marketing techniques business can be increasingly more effective in their reach.
Personal data is also helping governments shape policy and create better public services. According to the European Commission, by 2020 the value of personalized data will be 1 trillion euros, almost 8% of the EU’s GDP. In addition to GDPR, data scandals and breaches are bringing to light that data
privacy and protection is a basic human right, and legislation should be put into place to enforce this. With new measures being put into place there is increasing agency and security for consumers.
Traditional B2B and B2C models will need to be reconsidered and increase of awareness among consumers of the vale of their data may create new business opportunities, with the interests of consumers and their privacy at the heart of it.