PR Archives:  LatestBy Company By Date


Press Release -- July 16th, 2024
Source: Metro Ethernet Forum
Tags:

MEF’s 10th Annual Consumer Trust Survey highlights the rise of the ‘savvy consumer’

The Mobile Ecosystem Forum (MEF) has released its 10th Annual Consumer Trust Survey, which takes the global pulse of the mobile ecosystem – from the point of view of the consumer.

This landmark study, with data from 15 different markets, combined with the analysis of results from the past decade, delves into the evolving perceptions and expectations of consumers, enterprises, and other stakeholders from across the globe. It sheds light on the challenges and triumphs encountered in building and maintaining trust through increasing awareness of how personal data is used, ensuring appropriate control over that personal data, and providing confidence in security safeguards.

This year’s Survey shows that while globally trust continues to decline and concerns about data collection increase, consumers are becoming more aware of how their data is collected and used, with a growing number of users now being classed as ‘savvy consumers’.

The key trends from the Survey over the last ten years are:

1) The rise of the “Savvy Consumer”: The reports highlight the emergence of the “savvy consumer,” who is more cautious about data sharing and demands greater control and transparency. This segment is increasingly seeking tools and services that empower them to manage their data.

2) Declining Trust: There’s a consistent decline in consumer trust regarding how companies handle their data. This is evident in the decrease in users who are “always happy” to share personal information and the increase in those who feel they have “no choice” but to share data to access services.

3) Increased awareness of data collection and use: Consumers are becoming more aware of how their data is collected and used. This is reflected in the growing importance they place on transparency and the desire to know how their data is being utilized.

4) Growing concerns about data security: Security remains a top concern, with identity theft and data breaches being major worries. This is driving the increased adoption of protective measures like password managers and antivirus software.

5) Importance of user experience and transparency: A poor user experience and lack of transparency are major factors that erode trust. Companies need to prioritize clear, concise privacy policies and user-friendly interfaces to build trust with consumers.

6) Impact of regulations: Regulations like GDPR and CCPA have increased awareness of data privacy rights and influenced consumer expectations. However, there’s still a gap between the perceived importance of these rights and their actual implementation.

7) Growing adoption of mobile payments: The use of mobile payments is increasing, but concerns about security and overspending remain. Companies need to address these concerns to build trust in mobile payment solutions.

8) Rise of Data Abstinence: In recent years, users are increasingly practicing “data abstinence,” choosing to limit data sharing as a way to assert control. This trend poses challenges for businesses that rely on data for personalization and targeted advertising.

MEF’s 10th Annual Consumer Trust Survey is an essential tool for the mobile ecosystem, letting stakeholders know where the issues lie and ensuring they have the data needed to make decisions about the future development of products and services. By understanding consumer concerns, companies operating in the mobile ecosystem can work towards allaying those fears.

“MEF’s 10th Annual Consumer Trust Survey serves as a critical compass, providing invaluable insights into the current state of trust in the mobile industry. With a decade of experience in examining trust dynamics, this study offers a unique longitudinal perspective, tracking trends and identifying emerging concerns. It explores a wide range of factors, including fraud prevention, data privacy, security practices, and the impact of new technologies like 5G and artificial intelligence.” said Gavin Patterson, Director of Data, MEF

Key Insights include:

  • Trust is a critical factor: It influences consumer behaviour, including app downloads, purchases, and engagement with services.
  • Transparency and control are paramount: Consumers demand clear information about how their data is used and want the ability to manage their data.
  • Security concerns remain high: Companies need to prioritize data security and proactively address consumer concerns to build trust.
  • The need for user-friendly solutions: Data protection tools and services need to be easy to use and understand to encourage adoption.
  • The importance of education: Educating consumers about data privacy and security is crucial to empower them to make informed decisions and protect themselves.
  • Stagnant Trust: The Global Trust Index, a measure of user confidence in personal data sharing, remains weak at 55% and has not improved since last year.
  • Awareness of Data use is a mixed blessing: While awareness of how personal data is used is high, it may be driven by negative news and data misuse. Increased awareness alone does not improve trust; greater confidence in control and safeguards is also necessary.
  • Positive perceptions have plateaued: Perceptions of ease, convenience, online confidence, and privacy have stagnated or declined, reversing a long-term upward trend.
  • Incremental decline in data harm is not enough: Although there has been a slight decrease in reported data harms, it hasn’t translated to improved trust. Most data harms remain more common than in previous years.
  • Fewer users are noticing improvements: The proportion of users who perceive improvements in data education, controls, and security has plateaued or declined.
  • Protective actions are no longer increasing: For the first time, there is no continued upward trend in protective actions taken by users. There’s also a lack of certainty that these actions significantly improve safety.

MEF’s 10th Annual Consumer Trust Survey was carried out in January and February 2024. On behalf of MEF, On Device Research surveyed 9,750 smartphone users, 650 in each of 15 markets.

“Ten years is a significant milestone, one that provides an opportunity to reflect on progress and future trajectories. With the annual Consumer Trust Survey, MEF has championed the importance of consumer perception of safety and privacy in mobile for a decade,” said Dario Betti, CEO of MEF.

For more information: https://mobileecosystemforum.com/10th-annual-trust-study/

Editor’s Notes:

Gavin Patterson, Director of Data at MEF is available for comment and briefings.

If you would like a copy of MEF’s 10th Annual Consumer Trust Survey, please let us know and we can arrange this for you.

Illustrative images can be downloaded here: https://passionfortheplanet.sharepoint.com/:f:/g/EpGS-qr22dlJvi4QvJwwv3kB8jgw01K_mdqd4c7eTdYU-g?e=XPKbbm

For media enquiries please contact Dorothea at Panpathic Communications – Dorothea@panpathic.com / 020 8891 2669 / 07930 634 047.

ABOUT THE MOBILE ECOSYSTEM FORUM

The Mobile Ecosystem Forum (MEF) is a global trade body established in 2000 and headquartered in the UK with members across the world. As the voice of the mobile ecosystem, it focuses on cross-industry best practices, anti-fraud and monetisation. The Forum provides its members with global and cross-sector platforms for networking, collaboration and advancing industry solutions.

Web: https://mobileecosystemforum.com/

Twitter: https://twitter.com/mef

LinkedIn: https://www.linkedin.com/company/mobile-ecosystem-forum

Facebook: https://www.facebook.com/MobileEcosystemForum/

PR Archives: Latest, By Company, By Date