First-party data about consumers are much more valuable to marketers as stricter privacy laws in several regions give people more control over how their personal information is shared. Amid the boom in ecommerce, retailers that sell advertising space on their websites are harnessing their first-party data to help marketers improve their targeting.
That capability makes retail media networks more comparable to digital “walled gardens” like Facebook and Google that collect first-party data about consumers who use their platforms.
“The ‘walled gardens’ have shown the way to use first-party data at scale, but there’s a new class of retailers, grocery stores and pharmacy chains that are developing retail media networks,” Ramsey McGrory, chief commercial officer at advertising software platform Mediaocean, said in this interview with Beet.TV.
Retailers that track shopping habits with loyalty programs or with online accounts have especially rich data that others don’t — namely, the purchase histories gleaned from …