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[INFOGRAPHIC] Making the Switch to First-Party Data

This report has exclusive data on the top reasons customers don't complete online purchases, plus ways your store can stop abandoned carts.

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<p>While it's the end for third-party cookies, it's not the end of the world for retailers—quite the opposite. Instead, the <a href="https://www.bolt.com/thinkshop/how-retailers-can-survive-and-thrive-in-the-cookie-apocalypse/">cookie apocalypse</a> is an opportunity for brands to deepen consumer trust and brand loyalty through the use of valuable first-party data.</p><p>Likewise, retailers can leverage first-party data to provide personalized experiences that maintain existing customers and create new customer relationships, ultimately driving revenue. So let’s dive into why now is a great time to invest in a robust creative strategy with eye-catching content.</p><p><img src="https://res.cloudinary.com/dugcmkito/image/upload/v1671055112/Infographic_Making_the_Switch_to_First_Party_Data_5fdb36ddbf.png" alt="Infographic_-Making-the-Switch-to-First-Party-Data.png" srcset="https://res.cloudinary.com/dugcmkito/image/upload/v1671055112/thumbnail_Infographic_Making_the_Switch_to_First_Party_Data_5fdb36ddbf.png 33w,https://res.cloudinary.com/dugcmkito/image/upload/v1671055112/small_Infographic_Making_the_Switch_to_First_Party_Data_5fdb36ddbf.png 107w,https://res.cloudinary.com/dugcmkito/image/upload/v1671055112/medium_Infographic_Making_the_Switch_to_First_Party_Data_5fdb36ddbf.png 161w,https://res.cloudinary.com/dugcmkito/image/upload/v1671055112/large_Infographic_Making_the_Switch_to_First_Party_Data_5fdb36ddbf.png 214w," sizes="100vw"></p><h3>Third-party data</h3><p>A third-party cookie is placed on a device by a website other than the store a user is visiting to identify personalization preferences and tracking information. The cookie helps the browser track, personalize, and save a user’s session information. In addition, the information that is collected allows the website to tailor the advertising based on your previous sessions on that website or others you’ve visited.</p><p>There are quality and accuracy issues when working with third-party data. Because it doesn’t come directly from the consumer, it doesn’t explain the customer’s relationship with a brand and their path to purchase.&nbsp;</p><h3>First-party data</h3><p>First-party data is data you collect about your audience directly from them. It's your data. Of any data type, first-party data garners the highest return on investment because it’s based on your consumers’ interactions across multiple touchpoints.&nbsp;</p><p>In the cutthroat ecommerce industry, customer empowerment is vital to your brand’s relevancy. First-party data provides the insights you need to communicate to your customer in a meaningful way, which drives brand loyalty and retention.</p><h3>Second-party data</h3><p>Second-party data comes from a trusted partner. This high-quality data can help companies achieve a grander scale than relying on first-party data alone. In addition, there is a lot of transparency in second-party data, so you can trust that it’ll be relevant to your audience.</p><h3>The cookie apocalypse</h3><p>Consumers have spoken, and they want more privacy on the web. The first step to a more private web is the obsolescence of third-party cookies. When Google Chrome phases out support for third-party cookies in 2023, the cookie apocalypse will have finally arrived.&nbsp;</p><h3>What to anticipate?</h3><p><strong>Consumers</strong> can expect to be more empowered. Because first-party data delivers accurate insights about consumers, the messaging will feel less generic and more relevant. As a result, consumers can anticipate more personalized experiences at each touchpoint of their journey. Additionally, they can expect more control over their privacy when they’re on the web.&nbsp;</p><p><strong>Merchants </strong>are losing their cheat sheet. They’ll need to find new solutions to personalize their campaigns to a target audience. It’s time to lean in heavily on a creative strategy with unique content. Social media is the place to gather valuable insights about your consumers.</p><h3>Invest in consumer connection</h3><p>If consumers share their data, merchants need to show them they’re using it thoughtfully by delivering relevant, personalized content. Generic, catch-all retargeted ads are a thing of the past—it’s time to provide content that motivates consumers to engage with your brand, even beyond the purchase. In a privacy-first world, access to consumer data is highly dependent on trust.&nbsp;</p><h3>A proactive strategy</h3><p>The future without third-party cookies is improvising, adapting, and overcoming. Success is shifting focus to first-party data. Brands that encourage deeper engagement with customers will come out on top. Those who wait will be left in the dust.</p><h3>The Bolt difference</h3><p>Bolt leads the industry with the amount of data that we provide in helping retailers get actionable insights from data consolidated in one place. With Bolt's <a href="/merchant-analytics/">Merchant Dashboard</a>, retailers no longer have to worry about where their data lives or what it says.</p>