With user data privacy becoming more and more of a hot topic, major companies are taking steps to ensure the privacy of their customer’s data and looking into technologies to build an even greater relationship with their existing partners and clients.
In reaction to growing concerns over how much third party data is collected from users without their knowledge, Microsoft and Mozilla began a “privacy-first” movement by announcing they would be disabling third-party cookies on their Safari and Firefox web browser applications.
This move has been picked up and emulated by the majority of companies that own and operate web browser apps, including Google, who announced that cookies would also be disabled on Chrome by the end of 2023 at the latest. Ultimately only one in 10 browsers will operate with cross-site tracking, effectively ending the current direct-ad targeting system that third-party cookies allowed.
The importance of privacy and trust online cannot be overstated. It is so vital for forming a lasting relationship with customers that it transcends industries, especially those involving finance such as eCommerce and online banking. It’s no different in the iGaming industry, where websites like legit.org are vital in educating players on who they can trust online.
The End Of Cookies?
The wave of third party cookies that took over the internet was driven by the desire of companies to serve ads to a more relevant audience and get more value for their advertising dollars. Still, it was taken to a scale that began to erode customer trust. According to a paper by the Pew Research Centre in Washington DC, up to 72% of Google users believed every single they did online was being tracked, monitored and recorded for the sake of advertising.
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In addition to that, 40% of people stated that they would immediately stop using a company or brand if they had privacy concerns. Google’s own data has shown a 50% jump in searches for online privacy options. This can further be seen in the proliferation of advertising for virtual private network (VPN) services online over the past few years.
“If digital advertising doesn’t evolve to address the growing concerns people have about their privacy and how their personal identity is being used, we risk the future of the free and open web,” said Google’s director of product management for ads privacy and trust David Temkin.
Collaboration Is The Future
However, the problem facing many businesses is that most customers – new and existing – will still be expecting the same world-class experience online that they have become accustomed to.
For this to still be possible without access to third-party data, several steps need to be taken. First, build up your relationship with your existing customers and find out everything you can about them to ensure the business provides the best possible service.
Next, find appropriate business partners to expand the value proposition you can offer to new and existing customers and then begin collaborating with the partners to ensure customers have an unmatched experience.
“It’s becoming more and more important for brands to prepare for a future where they need to create a unified view of their customer without access to any third-party data. Therefore, data collaboration with partners becomes key. The role of technology in this situation is to reduce the barriers to collaboration,” says Vihan Sharma, managing director for Europe at LiveRamp.