In recent years, the online advertising ecosystem had become increasingly reliant on third-party cookies to collect and share data. However, this reliance is now coming to an end, as major browsers are beginning to phase out support for third-party cookies.
This change will have a significant impact on the availability of reliable data for marketers, as well as the way in which data is collected and shared.
As a result of this change, first-party data owners like retailers will find new ways to capitalise on the strength of their data. One way to do this is by launching their own media products, such as data driven digital advertising media products. By doing so, they will be able to generate scalable revenues from their data and fill a market gap that the death of the third-party cookie has created.
The best way in which retailers can capitalise on their data is by packaging it with inventory and managing these products in-house. This will allow them to provide access to their data segments to partner brands in a way that doesn't share the data outside of their organisation and complies with data regulations.
By packaging their data with inventory, they can capture the lion share of media value and generate significant revenues well beyond what they can achieve by selling on-site inventory on the open market or data segments alone.
Overall, the change to third-party cookie support will have a major impact on the online advertising ecosystem. Retailers, as first-party data owners, are discovering they have the strongest hand in this new digital media landscape and those with a technology-first approach to media product development will be best placed to capitalise on this growing market.
