From contextual advertising to building strong, authentic relationships, companies that are able to adapt and embrace new strategies are likely to thrive in this new environment, Ayodeji Balogun writes.
From contextual advertising to building strong, authentic relationships, companies that are able to adapt and embrace new strategies are likely to thrive in this new environment, Ayodeji Balogun writes.
The 2018 Facebook-Cambridge Analytica scandal, which revealed how consumer data could be used without users' knowledge or consent, was a wake-up call for customers and businesses worldwide.
Yet, responding to customer concerns about data privacy is a Catch-22 situation as although 89% of consumers are worried about data security and privacy, at the same time, 80% demand personalised services and experiences.
Modern-day customers have developed sophisticated expectations when it comes to their online experience, and they quickly become frustrated when they don't get what they expect.
This presents a challenge for many businesses because, in order to provide highly personalised offerings, they must have a deeper comprehension of their customers' requirements, purchasing histories, and preferences — meaning, data.
This is where cookies — small bits of data saved on your computer while browsing that can contain information useful to both customers and service providers — come into play.
Third-party cookies, especially those used for tracking, have come under serious scrutiny prompting the EU to come up with legislation forcing businesses to ask for consent from consumers before collecting and storing information through this tool as far back as 2011.
But ever since Google announced it will do away with third-party cookies — something that the industry giant has been postponing for a while, although it claims the move is still on the cards — there have been many questions as to how to bridge the gap that is bound to appear right away.
Industry experts agree that in a post-cookie world, there is no one-size-fits-all solution to ethically and efficiently collect, analyse and tailor customer data to offer personalised ads and experiences.
What's happening to the website cookies?
Customer concerns about privacy and the use of data continued to skyrocket as news of data breaches and cyberattacks inundated the media.
The first half of 2019 alone saw a staggering 3,800 major data compromises recorded globally, affecting over 4.1 billion records.
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