Globally, more than half of consumers expressed anxiety about identity theft, including hacking of financial, medical, or other personal information online; 46 percent were concerned about the theft of credit card details when shopping online; and 38 percent were concerned about the unauthorized tracking of their online habits by companies, governments, and criminals.
The study found that consumers are more likely to trust companies with the data that is directly relevant to the service they are providing. For example, 71 percent of global consumers said that they trust banks with their financial data, but only nine percent said they would trust retailers with this information. Likewise, 47 percent of consumers trust telecom providers with their mobile data, but only eight percent said that they would trust advertisers. In the UAE, sectors that enjoyed the highest level of trust among consumers were healthcare (63 percent), banking (52 percent), retail (51 percent) and technology firms (38 percent), while the least trusted was advertising at 15 percent.
Farhan Syed, Partner, Digital and Innovation at KPMG Lower Gulf, said: “Today’s consumers grow more complex with every passing day – and there is a greater need to understand them more intimately. This is putting more pressure on brands to deliver increasingly personalized experiences in today’s hyper-connected and informed world. We believe that there is a tremendous need to understand consumers’ expectations, especially regarding their data, and it is imperative that organizations do not take this for granted in the future.”
Meanwhile, as the UAE consumer grows accustomed to a seamless physical retail experience, enjoying some of the world’s most iconic malls, matching this experience in the digital world is proving to be tough but necessary if consumers are to switch to spending more online.
“The challenge now for e-commerce platforms is to provide a population that is accustomed to superb offline customer experiences the same online experience,” added Pilar De Miguel Veira, Partner, Head of Customer Advisory at KPMG Lower Gulf. “This will help UAE strengthen its position as a leading regional e-commerce hub in the future”.
For more information and to read the report, please visit kpmg.com/ae
About KPMG International
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have 207,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About KPMG Global Consumer Insights
Global Customer Insights from KPMG offers clients a way to understand, possibly attract and retain today’s consumer. Gone are the days of being able to predict what consumers want on the basis of demographics and segmentation. By focusing on key elements of human behavior instead, businesses can build more authentic, trusted relationships with consumers.
Bringing together expertise from across our organization, the program extensively surveys consumers in eight, global markets. Using this data, we conduct additional ethnographic studies, and apply design thinking to delve into the behavior of consumers. By applying our “Five Mys” framework, we can analyze consumer behavior in new and innovative ways leading to insights that can fundamentally change the way an organization targets, sells and interacts with their customers.
The Five Mys (My attention, My motivation, My wallet, My watch and My connection) demonstrate how complex drivers of human behavior both influence and are influenced by a consumer’s purchasing decision. The 2018 Me, my life, my wallet report, is a deep dive into the story of today’s consumer and the ways humans from every corner of the globe are both fiercely individual but also experiencing a world of technology convergence and changing cultural landscape – and what that means for how they earn, spend and save. The report surveyed 25,000 global consumers in the UK, US, UAE, France, Canada, China and India.
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© Press Release 2019