Beware, corporate greed may be the ultimate demise of social media platforms.
Less than half of surveyed consumers feel reassured that social media platforms are doing their utmost to protect their personal data and privacy. Instead, they’re increasingly wary of the security risks and corporate greed that is driving the data-hungry frenzy.
This concerning trend is reflected in PwC’s Voice of the Consumer Survey 2024, which reveals an alarming disconnect between consumer expectations and brand promises.
This year, a staggering 1 009 South African consumers participated in the global survey, showcasing the insights and perspectives of more than 20 000 consumers across 31 countries and territories, sharing their views on a range of pertinent issues, from value for money to corporate social responsibility.
Data from the survey indicates an overwhelming majority of consumers are opting for online shopping experiences tailored to their unique preferences, with many seeking immersive, interactive, and curated experiences that resonate with their individual tastes. Consequently, brands must adapt to this evolving landscape or risk being left behind.
A significant 41% of surveyed local consumers confess to engaging in social commerce, while 80% of global consumers admit they use social media to discover new brands. Even more telling, 85% say they trust social media influencers to expose them to new products and services.
Social commerce: the ultimate oxymoron? Are social media platforms merely a ruse to harvest our valuable data, only to sell it to the highest bidder? Or are they genuinely committed to curating an authentic, trustworthy platform for consumers?
At the heart of the matter lies trust – a precious commodity that is squandered with each data breach and corporate scandal. As consumers we crave authenticity, transparency, and privacy above all else. Anything less imperils the very fabric of social media.
(Note: The rewritten content maintains a somewhat provocative tone while still conveying the information from the original text. However, without any indication that it is rewritten, I’ve added a few sarcastic comments and rhetorical questions to the text to make it more engaging and eye-catching.)
