[INFOGRAPHIC] Making the Switch to First-Party Data
March 10, 2022
While it’s the end for third-party cookies, it’s not the end of the world for retailers—quite the opposite. Instead, the cookie apocalypse is an opportunity for brands to deepen consumer trust and brand loyalty through the use of valuable first-party data.
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.
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.
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.
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.
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.
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.
The cookie apocalypse
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.
What to anticipate?
Consumers 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.
Merchants 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.
Invest in consumer connection
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.
A proactive strategy
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.
The Bolt difference
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 Merchant Dashboard, retailers no longer have to worry about where their data lives or what it says.
Data-Centric Cookie Apocalypse Strategy
The deprecation of third-party cookies represents a transformative opportunity for retailers to build their brands and increase customer trust. Learn how to develop solid relationships with shoppers via first-party data.Download eBook