A cookie-less internet experience is the dream for data privacy— and thanks to first party data, it’s not far-fetched.
Data privacy—or rather, a lack thereof—is increasingly becoming a concern for our digitally dependent society. In 2020, there were 1,001 serious data breaches and 155.8 million exposed records in the U.S. alone.
Despite having no direct interaction with you—the consumer—third party data providers can collect information about you via cookies and sell it to advertisers. They can keep a record of all the websites you visit or products you purchase so advertisers can display ads that might catch your interest.
It can be unsettling to know that sites we don’t visit or care about are spying on us. There's a good reason for everyone to be concerned about who takes the data, why it’s needed, and where it ends up going.
As expected, countries around the world now have privacy regulation laws that help mitigate the questionable or even damaging ethics of data collection. Tech giants like Apple and Google are also taking an offensive stance—and gradually phasing out third party data from their software. In January 2020, Google announced the launch of Privacy Sandbox, a set of standards that aim to protect user information. Google also discourages the use of third party data—and gives more power to users for browser cookie control. Apple had a head start on all of this, recently finalizinga complete removal of third party cookies on their Safari web browser. This leaves third party providers with no room for loopholes where cross-site tracking can still affect consumers.
The Importance of First Party Data
A McKinsey survey on consumer data protection revealed that 87% of respondents would not support a company with questionable privacy practices. Just as Apple, Google, and other corporations are making the changes necessary to solidify user trust, brands and retailers must follow suit.
What makes first party data drastically different from third party data—and far more secure—is that it can only be collected through direct interaction with users with their consent. In other words, only sites or stores actually visited by users will gather the data—and these locations can use said data solely for those customers. Users will consent to the data collection—and it won’t be sold to anyone else.
In short, first party data gives users power and control over their personal information. Having provided explicit permission to brands for the collection and use of their data, users gain more customized shopping experiences—leading to higher engagement, more precise ROAS, and positive connections to retailers.
Not only does first party data prioritize and respect privacy, it also fosters a more accurate advertising space that feels more like a human-to-human shopping interaction. While third party sites lead to display ads based on fragmented information—often with hit or miss results—first party data comes directly from each user, producing ads that are clear-cut, relevant, connected, and beneficial.
How Swiftly Values Leverages Data
Since the early and humble beginnings of the digital era, companies have depended on data and marketing measurement firms to gather consumer insight. And while technology continues to evolve, data collection methods have, for the most part, remained the same. It’s an undeniable fact that traditional marketing and advertising cannot thrive in the complex ecosystem that we have today.
The industry reports of major firms like Nielsen, a provider of marketing insights through data collection, depend heavily on aggregated data—which (as the name implies) aggregates data into a summary. These summaries, then, are analyzed to rationalize major industry decisions. And although Neilsen’s data may present some benefits for marketers who seek the bigger picture to support their campaigns, it doesn’t do much to create a unique, personalized experience.
Swiftly introduces a digital platform and retail media network that is anchored in first party data, enabling your business to gain accurate results that steer clear of jeopardizing user privacy. All the data collected will be based on your consumers’ actual history, product purchases, and direct interactions with your platform and their consent.
If you’re ready for a solution that values customer privacy and prioritizes first party data strategy, contact Swiftly today.