A majority of U.S. shoppers, 60 percent, said they would be comfortable giving out personal information, anonymously, to their favorite stores in exchange for benefits and rewards. Another 56 percent would give out the same information to a product brand and 46 percent to a product app, according to a recent survey from Wearables.com and The Center for Generational Kinetics.
While consumers have long been willing to share information, this study reveals that 18 percent are also willing to share geo-location, the core function in wearable devices, to receive notifications about events or stores near them that they would enjoy.
Millennials are more likely to feel comfortable sharing personal information with anyone on the Internet, 35 percent versus 20 percent of other demographics, and with the government, 40 percent versus 25 percent.
"Our study revealed that consumers are looking for smart technology that will help improve their overall lives and that they would feel comfortable sharing personal information if it offered a better user experience," said Luis Felipe Rincon, CEO of Wearables.com. "Traditional thinking is that consumers would never agree to share their information, such as location, with brands and the like, but this national research shows that consumers—especially millennials—would share their location and much more. In fact, what we found is that wearables may be the tipping point that unlocks the next advertising opportunity for brands."
Consumers are especially willing to share information on how they shop in exchange for benefits. Nineteen percent said they would share information in order to get rewards every time they walk into a store; 19 percent to get notifications about deals at the store they are in; and 18 percent to get recommendations based on past purchases or recent searches.
This willingness among consumers opens the doors for retailers of wearable technology. Two-thirds of those surveyed have already considered purchasing a wearable item. Not surprisingly, millennials are more likely than non-millennials, 77 percent versus 54 percent, to consider a wearable purchase.
Many retailers are starting to dive into the pool of wearable technology. Amazon (NASDAQ:AMZN) launched a wearable technology store in spring, selling everything from smart watches and cameras to fitness and wellness trackers. Staples (NASDAQ:SPLS) also announced this year a line of wearable technology as a way to expand its at-home and in-office reach.
-See this Wearables.com press release
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