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New study sheds light on consumer attitudes towards wearable devices

"Study reveals incentives are key for alleviating consumer privacy concerns; consumers willing to give up personal data to save money."
"Study reveals incentives are key for alleviating consumer privacy concerns; consumers willing to give up personal data to save money."

The technology that exists today is the byproduct of constant innovation and development to perfect it. As its usage has grown exponential so has the need to use it in our daily lives. A new study conducted by Acquity Group, part of Accenture Interactive, published Thursday August 21st, 2014 the results about consumer concerns with wearable Internet of Things (IoT) connected technologies.

Privacy continues to be a concern for consumers using devices that transmit their data and having that into the wrong hands is always a legitimate worry. The study has that four out of every five consumers cite privacy worries for Wearable Tech Adoption, according to the 2014 IoT study.

“Our study demonstrates the importance of a value-added user experience. Brands that do not evolve strategies to mirror consumer expectations will fall short and miss major revenue opportunities moving forward. While incentives are part of the answer, companies must create an understanding among consumers that their devices and personal data are well-protected from security threats..,” according to the President of Acquity Group Jay Dettling.

Now with the incentive of utilizing a coupon or discount bypasses the privacy premise this approach by companies or businesses will certainly give them plenty of room to develop their products.

On the other hand, if consumers are asked to share their personal data for free only nine percent would participate in doing so. As previously mentioned the trend does significantly increase once a perk is offered in exchange for this collaboration.

So consumers are most willing to share wearable data for what? Specifically 28 percent would do it for coupons and discounts based on their lifestyles. Another group from the consumers’ sampled-22 percent of them- would do it for information on better workouts to reach their goals.

Another 22 percent would do it for information on the best food to eat to reach their goals. Finally 19 percent would provide their own personal information for coupons for fitness gear.

The Acquity Group 2014 IoT study surveyed more than 2,000 consumers across the United States (U.S). The goal was to gain valuable insight into what their preferences are and barriers for consumers to adopt tech devices.

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