The majority of American consumers have a growing daily online presence across platforms like Facebook, Instagram, and Amazon Prime.
Businesses and data brokers are using monetizable data profiles that combine email addresses, phone numbers, shopping habits, birthdays, and other personal information to better understand the needs and preferences of their customers. Frequently, this is done without the customers’ knowledge or informed consent.
79% of Americans feel they have little control over what information marketers can find out about them, according to a University of Pennsylvania study. The concept that many customers are aware that their data is being collected but believe there is little they can do to stop it is known as “data fatigue,” according to experts.
According to the same survey, over half of participants were unaware of the complete range of uses for customer data by businesses. The data acquisition model is currently being used offline, in the grocery store aisles of your neighborhood chain.
Director of Public Interest Research Group’s Don’t Sell My Data campaign R.J. Cross stated, “Retailers today are doing just about everything they can to get as much information about you as possible, because that’s a whole new revenue stream for them.” “Your data and you are the latest product for almost every company you shop at today—they are in the business of selling your data.”
The market for data brokers was projected to be worth $319 billion in 2021. By 2028, that amount is anticipated to surpass $545 billion. Retailers used to purchase data from data brokers in order to gain a better understanding of customer trends. These days, they do away with the middleman and gather customer data directly from devices through apps, location tracking, loyalty programs, and even digital receipts.
Mitul Jain, the founder and CEO of Refive, stated, “My face is part of the data that’s being captured, my behavior, and all of that gives off many more pieces of information about me, my age, my gender, and my ethnicity.” And all of these facts can then be merged with all of the other little tidbits that I’ve been learning.
