Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 64 , 28 December 2023
Open
Access | Article
Willingness-to-Pay for Privacy: A Study on IPhone
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Abstract
This research employs the iPhone as a case study and conducts a survey to investigate consumers' willingness-to-pay (WTP) for privacy. We discover that consumers not only value their privacy in the digital realm but are also willing to invest considerably in privacy-protection services. What makes our findings particularly intriguing is the relationship between consumers' privacy habits and their willingness-to-pay. Surprisingly, individuals who may exhibit lower vigilance in safeguarding their privacy online paradoxically demonstrate a higher willingness-to-pay for services that ensure their data protection. Our research not only sheds light on consumer behavior but also provides invaluable strategic implications for businesses, especially tech giants like Apple. By leveraging privacy protection as a key selling point, firms can not only cater to the increasing concerns of privacy-conscious consumers but also elevate their products to a new level of desirability. Effectively communicating the robust privacy features of products like the iPhone empowers companies to justify premium pricing, enhancing their revenue streams while simultaneously fostering a safer digital environment for their users. This study stands as a testament to the symbiotic relationship between consumer demand for privacy and businesses' strategic innovation, driving the evolution of both technology and user protection in the digital age.
Keywords
Willingness-to-pay (WTP), consumer privacy, big data
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-229-9
- ISBN (Online)
- 978-1-83558-230-5
- Published Date
- 28 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/64/20231509
- Copyright
- 28 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited