Cybersecurity concerns
Privacy concerns are paramount, with a significant 72% of consumers cautious about sharing data with brands, signalling that businesses must work to earn trust amidst prevalent data breaches and identity theft. Moreover, cybersecurity fears are elevated, with 83% of consumers stating they would not continue membership, subscription or contract with an organisation who experience a major cyber breach. Specific concerns include identity theft (60%), viruses (59%), and selling information to third parties (58%), emphasising the urgent need for strong digital defences to safeguard consumer trust.
Concerns when engaging online
Consumer businesses must respond to these growing digital threats, whilst again utilising impending legislation. An example of such legislation includes the NIS2 Directive, which offers a chance for many businesses to enhance cybersecurity and comply with regulations. Adopting cyber risk management and reporting guidelines can help organisations improve their defences against cyber threats and build consumer trust.
Data sharing and the human touch
When it comes to data sharing, a considerable 39% are unwilling to part with their information for recommendations, deals, and advertisements, highlighting a desire for privacy over personalisation. Conversely, 50% are open to sharing anonymous data if it leads to cheaper products, suggesting a nuanced approach to privacy that balances affordability with confidentiality.
The human touch remains a cherished element in the digital realm, with 64% of Irish consumers preferring online platforms that offer human customer service support. This preference is particularly pronounced for addressing post-purchase issues, returns, and refunds, indicating that AI cannot fully replace the empathy and understanding of human interaction.
Summary
In conclusion, the latest EY Future Consumer Index shows Irish consumers are at a crossroads, embracing the convenience of AI while seeking the need and reassurance of human connection throughout the consumer journey. As consumer-facing businesses and policymakers chart a course through this digital landscape, they must navigate the AI paradox with a focus on consumer trust, privacy, and the irreplaceable value of the human touch.