Plans & Pricing
Does My Company Subscribe?
UK payday lender Wonga is warning its customers to take precautions after revealing that personal information from about 245,000 accounts in the UK has been accessed in a data breach. As is usual in cases of data theft, the question for many observers is what actions will consumers take in response.
An autumn 2016 Thales Group survey probing consumer attitudes about data breaches found relatively few respondents in the UK—just 20%—said they would stop using a company entirely even after multiple data breaches.
However, the survey also found just 16% would continue to use the affected company’s products and services as usual. More than a quarter of respondents would limit their usage to some degree.
More potentially troubling for Wonga is that the largest share of respondents (37%) would only use a hacked company’s products or services “if I had no alternatives.” Precise recent figures are scarce, but the UK’s payday loans sector is crowded—approximately 200 companies were active in the space as of early 2014, according to the UK’s Financial Conduct Authority—so finding alternatives to Wonga wouldn’t be all that hard, nor particularly painful considering the relationship between provider and customer tends to be short-lived.
Thanks to abundant competition, Wonga’s could be the case where consumers follow through more aggressively on threats to take their business elsewhere after a data breach.
Shifts in how retailers and consumer packaged goods (CPG) brands think about ecommerce, combined with an accelerating acceptance among consumers for buying food digitally, have boosted online sales of groceries. Retailers and brands are taking note of these changing consumer behaviors and offering more digital options for grocery shopping and delivery, which will continue to drive the trend upward in 2017 and beyond.
Not a PRO subscriber? Find out how to become one.
You've never experienced research like this.
Nearly all Fortune 500 companies rely on us.
Inquire about corporate subscriptions today.