Join as we break down:
The internet cookie will be 30 years old next year! As cookies have evolved, they have become essential in fueling growth for the entire internet—impacting brands, consumers and advertisers in different ways. With the loss of third-party cookies, there will be major implications among all groups.
"Cookies help browsers store pieces of information that can be used later to re-identify you and build a unique experience."
For Brands & Advertisings the changes will be felt most significantly in the following areas:
For shoppers, the loss of cookies presents somewhat of a double-edged sword. While on one hand, they will gain more privacy-centric online experiences, but at the loss of personalization:
First-party data collection tools are poised to become essential in overcoming the challenges posed by the loss of third-party cookies. Third-party cookies, which track users' online behavior across different websites, are becoming less effective due to increasing privacy regulations and browser updates that restrict their usage.
First-party data refers to information collected directly from users by a website or platform they interact with. This data is highly valuable because it is willingly shared by users and is typically more accurate and reliable than third-party data.
"Remember when every website added the “accept cookies” button to their site? Now think about something like that, but demanding your email or phone number."
To overcome the limitations of third-party cookies, organizations are focusing on harnessing their own first-party data to improve their audience targeting and tracking.
The loss of third-party cookies will have significant implications for various aspects of online retail and user tracking.
As discussed, cookies help give the internet and browsers memory about their users to serve up more personalized and engaging online experiences.
In this chart, we break down how user's tracking data will be impacted with the deprecation of cookies:
Until recent changes were forced from Apple and Google, the vast majority of the internet relied on third-party data for targeting and tracking.
What is third-party data? Here's a simple explanation. Imagine you're trying to keep track of how many miles you walk every day. Instead of using your own pedometer, you ask a friend to count your steps and tell you the total each day. In this scenario, your friend's data is the "third party data." You're relying on their information to know how much you've walked.
Similarly, in the digital world, companies and websites often rely on data collected by other companies to understand things like how many people visit their websites, what pages they look at, and what they click on. This data is collected by third-party services or tools that specialize in tracking online activity. Just like the example with the pedometer, the data collected by these third parties helps businesses understand what's happening on their websites, even though they're not collecting the data themselves.
Think of first-party data like information you gather directly from your own experiences. For instance, if you keep a journal of how far you walk every day using your own pedometer, that's your "first-party data" on your walking habits.
In the digital world, first-party data is similar. It's the information that a company collects directly from its own interactions with customers.
The impending loss of third-party cookies marks a significant turning point that will reshape the fundamental structure of the internet. These cookies, which have long been a cornerstone of online advertising and user tracking, have enabled personalized experiences and targeted marketing.
Without them, the internet ecosystem will need to adapt and innovate, likely leading to a shift towards more privacy-conscious practices and a reimagining of how user data is collected and utilized. This transformation could bring about a new era of digital engagement that prioritizes user privacy while challenging businesses to find innovative ways to deliver tailored online experiences.
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