First-party data that retailers possess can help them compete with the big tech who have relied on third-party data.
The older system, where big players dominated the internet ad scene with third-party internet cookies, is on its way out. Legislations like the EU’s General Data Protection Regulation (GDPR) and California’s Consumer Privacy Act will probably disrupt the system. But, this has opened up a window of opportunity for retailers.
By adequately leveraging first-party data, retailers can compete with tech giants as they have a lot of recent data tied to a specific event. This recent data can be purchased by the brand from a retailer or used to advertise complimentary products.
Retailers should avoid the temptation of selling off their selling first-party data as second-party data through agencies and brands. There is much greater value in holding onto their data and slowly working their way up.
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[3 minute read]
