Seventy-three percent of business-to-consumer companies in Singapore are still relying on third-party data for their current marketing strategies. As such, 65% say they are not fully prepared for a cookieless world, according to a survey by cloud communication software company Twilio.
Third-party cookies are now blocked by Firefox and Safari – and will soon receive the same fate with Google Chrome by the end of 2023.
With a key pillar of the advertising- and social media-driven Internet disappearing, collecting and relying on first-party data will be vital for business survival.
Case in point: Nearly nine in ten (88%) consumers in Singapore prefer brands to only use first-party data when delivering personalised experiences.
The study also reveals a disconnect between brands and consumers regarding personalised experiences.
Although 75% of companies claim to provide good or excellent personalised experiences, 53% of consumers disagree, reporting bad, poor or average personalisation. This is worrying as 81% of consumers in Singapore say they will stop using a brand if it does not offer personalised experiences.
See also: Tesla Cybertruck to go on tour in China to burnish tech cred
Privacy is also important to consumers in Singapore, with 54% wanting brands to do more to protect their privacy and be transparent about data usage.
They will stop purchasing the brand’s products or services (51%), reduce their spending with the brand (50%), or tell their friends and family members not to trust the brand (38%) if the company does not meet their data privacy expectations.
“Personalisation is actually getting harder to deliver [due to] high customer expectations, changing technologies, and the diminishing value of third-party cookies,” says Lee Hawksley, senior vice president and general manager, Asia-Pacific and Japan at Twilio.
“We’ve seen five fundamentals to overcoming these challenges: embrace digital, personalise every interaction, shift to first-party data, close the trust gap, and avoid engagement fatigue by increasing the quality of your interactions,” he adds.
