Are You the Product?
*This article has been co-written by Xeno Co-lab & Darjeeling Design Co
A few years ago, the phrase “data is the new oil” was mostly hype. Sure, businesses recognized the growing potential of data, but many struggled to turn raw information into meaningful insights. Today, the landscape has changed dramatically. With AI and GenAI taking centre stage, organizations across industries are harnessing the power of data for improving products and consumer experiences, tailoring marketing strategies, and making informed business decisions.
Concerns abound about how our existing data is used, and the constant barrage of permission requests from apps and services tracking our every move. This can be unnerving for many, while others may be unaware of their rights as digital citizens. Fortunately, a growing number of consumers are demanding more control and transparency from the companies handling their information.
The Trust Deficit
Every company strives to guarantee a sense of security to their consumers. However, their promises fall short in the face of proof, creating a disparity in users’ trust across various regions and demographic groups. This varying trust level stems from the differing degrees of technological awareness and education among consumers.
Regulations like GDPR offer European consumers greater data control, a privilege lacking in other markets. While customers accept data’s role in better services, they demand transparency about the handling of their personal information (PII).
Our contemporary world is dealing with the extreme diversities of digital literacy across consumer segments.Many of the consumers often find themselves in the dark about the measures they can take to protect their digital privacy. Tech companies must compensate by empowering consumers with the tools and knowledge they need to protect themselves.
The Digital Distress
Despite the growing concern over privacy and security, consumers rarely act until they experience a personal threat — may it be financial scams or unauthorized access to sensitive information. The scenario worsens in less tech-savvy consumer segments, where threats from third-party companies are often overlooked or less understood. There have been a string of breaches, from the top tech companies, out there potentially causing threat to the safety and security of consumers’ PII.
The watershed event in the tech world, the Cambridge Analytica case, forced consumers to wonder how companies acquire their information. Albeit late, this led to a wave of questions about digital information consumption by the companies. Yet there remains a gap in consumers’ understanding of self-protection, often leading to them shouldering the responsibility of safeguarding their privacy by finding their own workarounds.
For instance, in India, consumers often express sentiments along the lines of “You have to take care of yourself. Why would a big tech company worry about one single customer?” This perception transfers the responsibility onto the consumers, leading them to seek independent measures like using app locks and antivirus software to protect their phone from hackers.
The Consumers’ Call for Control
Consumers’ strong intentions to protect themselves are evident, but the tools available for laypeople are limited. They yearn for control — control over their digital data, information, and actions.
In reality, the illusion of choices under ‘Settings’ leaves even the most tech-savvy consumers struggling to find personalized solutions for their nuanced privacy concerns. This demand will only intensify as Gen Z, our digital natives, become more active online and start to recognize ‘privacy’ and ‘safety’ as their digital rights. A recent report highlights that 71% of consumers would disengage from companies that do not handle their sensitive data with proper security practices. They want proof over promises — no talk, only action.
The Way Forward
Consumers globally voice a common concern — that their data isn’t secured. They expect companies to use their personal information with care and integrity. However, companies need to accelerate the pace of digital transformation to stay competitive and thrive in this digital age.
So, the need of the hour is for companies to assume responsibility, build best practices, drawing a balance between transparency, inclusivity, and intentionality to win trust. Social Sustainability in Tech (SST) framework outlines how to achieve a balance between transparency, inclusivity, and intentionality. It also includes an assessment that gives you a clear picture of where your organization stands.
By prioritizing both social value and business value equally, tech companies can demonstrate their commitment to respecting consumers’ digital rights and driving revenue, ultimately promoting social sustainability in the tech landscape.
