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First-Party Data Is Retail’s Next Growth Engine
Article

First-Party Data Is Retail’s Next Growth Engine



Editorial Rating

6

Qualities

  • Overview
  • Background
  • For Beginners

Recommendation

Due to consumer privacy concerns, collecting consumer data through the traditional use of “cookies” is becoming an obsolete practice, prompting digital marketers to search for new ways to access first-party data. Most retailers “are sitting on a fortune of data,” but are failing to capitalize on this resource. Learn how to transform your customer data into new revenue streams by switching to a first-party data business model. Dramatically improve the value of your data through state-of-the-art loyalty programs, AI-enabled personalization, retail media opportunities, and monetized data insights and analytics.

Take-Aways

  • Drive engagement and boost data quality with a state-of-the-art loyalty program.
  • Create a “virtuous flywheel”, continuously improving your personalization efforts.
  • Leverage retail media opportunities and monetize data insights.

About the Authors

Christina MühlenbeinFinn Ruthenberg and Julia Hohmann-Altmeier are professionals with the Boston Consulting Group.