Survey: Sales Lost to Privacy Concerns Cost $6.2 Billion

Privacy concerns have cost online and offline retailers a combined $6.2 billion in lost sales, according to a survey by UCO Software, a privacy software company. The data was derived from an October 2001 study conducted by Cyber Dialogue that surveyed 500 Internet users.

The UCO survey revealed that:

·Twenty-seven percent of consumers have abandoned an online order because of privacy concerns, while 21 percent switched to place an order offline.

·Seven percent of respondents online purchases and 5 percent offline purchases were made at another store or brand because of privacy concerns.

·Eighty-nine percent consider companies' sharing credit card information, and 83 percent consider the sharing of names and home addresses without permission a direct violation of privacy.

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