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☕ The Growth Espresso Edition #49

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📆 Friday, 19th Jan 2024

Hi, and welcome back to Growth Espresso - your one-stop destination for everything e-com.

In 2023, Google announced the discontinuation of third-party cookies on Chrome, opting for enhanced privacy standards. As of January 4, 2024, the change has been rolled out to 30 million users (1% of the user base), as per Insider Intelligence. Early indications reveal a 30% decline in monetization for uncookied Chrome users compared to those with cookies (link) 😲.

Does it spell panic for your ecom business heavily driven by PPC ads?

Not necessarily, if managed strategically.

Explore the implications of this no-cookie shift on your business in today's Espresso ☕️ as we delve into navigating the situation. Let's dive in 👇️.

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🍪 What are internet cookies anyway?

They're like digital files websites save on your computer. Why? To remember you and make your online experience smoother. Let's say you punch in your address on an eCommerce site; a cookie keeps that info handy for next time.

Now, cookies can be from the website you're on (first-party) or from a different one (third-party). First-party is like your own domain name.

Google Chrome and other browsers are putting the kibosh on third-party cookies. What does that mean? Well, it's like this - those sneaky cookies from advertisers and marketing folks won't be snooping around anymore. No more tracking your every move across different websites. It's a cookie crackdown!

It's a big deal. Advertisers and marketers, who use cookies to track customer behavior across websites, will face challenges with declining conversion rates and lower ROI on ads.

Some browsers like Safari and Firefox have already banned third-party cookies due to privacy concerns. Now, Google's Chrome is set to follow suit.

❓️ What can you do to prepare for the changes?

"Building strong connections with customers has always been crucial for brands to thrive, and it's even more important in a privacy-first world," says Google.

To navigate the third-party cookie ban, successful eCommerce brands are the ones embracing change and being unconventional. Don't rely solely on one approach—experiment, and stay true to your brand.

Here are steps to prep your eCommerce business:

  1. Break free from tracking cookies in your marketing strategy.

  2. Shift away from using third-party cookies in advertising and marketing campaigns.

1/ Remove third-party cookies from your site, sooner rather than later

Now, the tempting move might be to wait until the last minute and then scramble to react. But here's a thought: why not get ahead of the game? If you kick off the process of removing some or all of those cookies from your site before the deadline, you'll be better prepared, and your eCommerce site will breeze through the transition. Easy peasy! 🍪✨

2/ Prepare for a decline in conversion rates

With the third-party cookie ban, users might hesitate to trust sites that seem indifferent to their privacy. To tackle this, amp up your marketing campaign budget to stay connected with your target audience. 📉💪

3/ Collect your own data – this is called First-Party Data

Get your own data – it's called First-Party Data. Instead of relying on third-party tools, use information you've collected about your own customers who opted in for your promotions and offers. Learn more about your existing customers, like their website visits, product preferences, and important dates for them.

Build up your email and SMS lists. Track behaviors on your website. Employ marketing automation tools like Hubspot to gather different information each time users interact with you.

Tap into insights from your social media platforms. Collect zero-party data with tailored experiences for key moments in customer journeys, like quizzes, next-best questions, discovery moments, and progressive forms.

Conduct market research and customer panels. Analyze data from surveys and customer feedback. Don't just rely on third-party tools – take charge of your data game! 🚀

4/ Incentivise your users to log in to your website to make first-party data gathering easier

Make it easy for your users to log in! People are more likely to log in when there's something exclusive in their account, like updating personal info or checking an order. But aim for users to log in every time for the full benefits of first and zero-party data.

A clever trick? Offer special content or discounts just for logged-in users.

Here's another idea: give users a wishlist function. But don't stop at one wishlist—let them make as many as they want.

The more users invest in features like this, the more likely they'll stick around. Who wants to start over on another site, right? ✅ 

💬 In Summary

The third-party cookie ban is coming, and it’s going to have a significant impact on the way that eCommerce advertising and marketing is conducted. Business owners need to start preparing now, by removing any dependency on tracking cookies and collecting their own first-party data.

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