The recent lecture by Dr. Ian Brown at the Oxford London Lecture and the debate with the panel afterwards contained many references to the price or costs of privacy. It seems that a certain financial value was assigned to privacy in the context of online digital technology. The final statements of the panel members further confirmed this by expressing their hope that one day people will own their online identity and be able to trade it based on their own considerations.
Privacy becoming profitable is something alluded to by Daniel Lyons in a Newsweek article titled “How Google & Facebook Violate Your Privacy”. The article suggests that privacy is becoming the new online currency, asserting that consumers trade their privacy for services from companies such as Google and Facebook. I think the problem is that the average consumer does not know the value of the data and often is not aware of what information exactly is traded. It is similar to the Waitrose card, in exchange for data on your spending behaviour, you receive additional discounts. I am only convinced that the majority of consumers do not realise how little discount they receive in comparison to the added value Waitrose gains from the data.
As consumers en masse join these supermarket client card schemes, without much consideration for the profitability of their privacy, there is a potential for corporate social responsibility (CSR) and social good. What if supermarkets give consumers a choice what to do with the financial value of the discounts? Imagine if consumers could determine how much of the discount gained from trading their privacy is directly donated to a charity of their choice. As part of their CSR strategy Waitrose could facilitate this by providing the necessary options in the online consumer profiles and by transferring the money directly to the charity. Simultaneously, the consumer can wallow in their contribution to society at every beep of the scanner.
Now it is just waiting for Waitrose to contact me.
Pondering Along 