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Consumers Lack IoT Confidence

We have been big proponents of IoT since the very start and we have always been at the forefront of its developments. As a proactive company in the field of technology, we feel it is a part of our business conduct to not only stay up to date on the latest news, but share it with our many stakeholders.

In order to continuously improve and stay in touch with the market, it is also necessary to monitor any negative news that may surface on the IoT front.

Worldpay, a FTSE 100 payment processing company, conducted a research study called Connected Consumers that revealed a wide range of attitudes, concerns, and expectations from technology customers across the world, with over 20,000 people interviewed across 10 markets. Whilst there was a number of important outcomes and results, the UK’s IoT industry is most concerned about the apparent lack of trust consumers have in IoT.

As a contrast to the UK’s rank as one of the most IoT-ready countries, the British consumers who took part in the survey felt less ready for a change. The results of the survey show that only 23% of the population would feel comfortable using a smart device, such as a fridge or a virtual assistant, or let devices order top-ups, e.g. paper or ink for printers, independently. Another 50% fail to see any benefits of automated shopping and would not choose to use it given a choice between it and conventional shopping.

The main cause for consumer scepticism was identified as security concerns, which have been a burden since IoT’s very launch. Particularly privacy related factors, such as personal information being shared by businesses, was a problem highlighted from the survey, with fear of being hacked coming a close second in threats.

It should be noted that with such a significant lack of trust in a technology that is meant to come onto the consumer market very soon, changes will need to be implemented. To better meet consumer demands and reassure customers of IoT’s trustworthiness, Dashboard believes companies should strive to show how these shortcomings could be overcome.