How Brands Are Helping Consumers Turn Their Own Data Into Services And Rewards

How Brands Are Helping Consumers Turn Their Own Data Into Services And Rewards
Fashion & Apparel

Companies are handing control over to consumers, enabling them to trade and sell their own personal data in an assortment of digital marketplaces

PSFK
  • 5 september 2018

In response to increased consumer awareness of the value of personal data, as well as tracking technology enabled through connected devices, companies are providing consumers with a secure way to share and commodify their data, exchanging it for money, optimized services or exclusive experiences. 

These data marketplaces places power back in the hands of the consumer, incentivizing them to share data in a way that is transparent and rewarding. Though most common in the fintech and healthcare sectors, even retailers like Tommy Hilfiger are marshaling bluetooth-enabled clothing, proving there’s plenty of opportunity for apparel brands and many others in the world of data marketplaces.

Docademic
Docademic is developing a blockchain enabled healthcare platform that allows users to exchange health-related data for Medical Token Currency (MTC) tokens that can be used to acquire services or products. It encourages the use of the blockchain as a trustful repository for health-related information and motivates the common user to exchange their data for benefits provided by third parties.

Lympo
Lympo is a healthy lifestyle ecosystem that monetizes user-generated sports and wellness data that can be exchanged for wellness services or to supplement health insurance via the introduction of LYM utility tokens. It consists of three pillars: the Lympo fitness wallet, a marketplace, and the Lympo crowdfunding platform. The Lympo digital fitness wallet and user reward mechanism are at the core of the Lympo ecosystem. The wallet functions as an entry into the ecosystem and provides an option to reward users in LYM tokens for their healthy lifestyle achievements.

LOOMIA
LOOMIA, a startup that integrates connected capabilities into different materials and constructions, created a sensor-based fabric called TILE that can collect decentralized data on clothing as its worn, without jeopardizing wearer’s privacy. Users can share their clothing’s data with brands from the via decentralized cloud storage Storj and be paid through LOOMIA’s Ethereum-based cryptocurrency tokens. Brands can use this information to optimize clothing production, logistics and gain real-time feedback of garments.

CoverUS
Healthcare startup helps user patients monetize their health data using a blockchain-based data marketplace. After downloading an electronic health record that can cull data from wearables and other health trackers, as well as answering questions about wellness behavior and other health-related questionnaires, users can earn coins by sharing their data. Eventually, the startup plans to allow users to spend this currency on health-related services or be exchanged for insurance plans through affiliate partners.

Tommy Hilfiger
The lifestyle clothing brand’s Tommy Jeans Xplore collection is embedded with smart tags that communicate via Bluetooth with the Tommy Hilfiger app to track how long and often the jeans are worn. Wearers can earn points for wearing Xplore clothing, which they can use to redeem discounts and exclusive experiences.

Enabling individuals to control and even monetize their own data is just one way that brands are building engagement and goodwill among their consumers. For more about data marketplaces and consumer empowerment, see PSFK’s report Ethical Standards for AI & User Data.

In response to increased consumer awareness of the value of personal data, as well as tracking technology enabled through connected devices, companies are providing consumers with a secure way to share and commodify their data, exchanging it for money, optimized services or exclusive experiences. 

+apparel
+blockchain
+chat a researcher
+cryptocurrency
+data
+ethics-artificial-intelligence
+Features
+Health
+report
+Shopper education & assistance
+tommy hilfiger
+Transactions & Payments
+trend

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