It's common knowledge that consumers' online data is incredibly valuable for companies both on and offline, but The Data Dollar Store is a pop-up in London that makes the concept literal. At the pop-up shop in London's Shoreditch district, consumers can purchase exclusive t-shirts, mugs, and screen prints created by artists Ben Eine, but rather than making those purchases with money, consumers must instead sell their personal data.
In order to walk away from The Data Dollar Store with one of Eine's mug designs, those at the pop-up will have to give away three photos, WhatsApp screenshots, or SMS and email conversations. That might not sound too daunting, but the stakes only increase with the value of the goods: the t-shirt requires users to give away the three most recent pictures or messages from one's phone (so consumers don't get to pick), and the original print comes at the cost of an employee taking five photos or three screenshots of their choosing.
The pop-up is sponsored by Kaspersky Lab, a cybersecurity firm.
Data-Monetizing Pop-Ups
'The Data Dollar Store' Accepts User Data Instead of Money
Trend Themes
1. Data-monetizing Pop-ups - The concept of data monetization in exchange for goods and services is becoming popular.
2. Privacy-for-goods Transactions - Consumers are more willing to trade their personal data for exclusive and limited goods.
3. Innovative Data Marketing - Companies are finding creative ways to leverage data in marketing and sales.
Industry Implications
1. Retail - Retailers are exploring new transaction models that involve exchanging personal data for goods and services.
2. Data Security - With more data being collected and shared, the need for secure data storage and processing is growing.
3. Marketing and Advertising - Marketers are finding new ways to leverage user data to create more targeted advertising campaigns.