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Third-party Cookies out, First-party Data In: How Live Commerce Changes the Game

By 5月 7, 2024No Comments

Third-party cookies are dying. Yes, that is what is the general perception in the digital world today. Google announced last year, much like Apple in 2022, that Web browsers would slowly phase out third-party cookie access to publishers and advertisers. In such a scenario, this is bound to bring a fundamental shift in how brands gather data and connect with customers. But fear not! This isn’t the end of e-commerce – it’s an opportunity to build stronger, more sustainable relationships. It is the start of an era where those who dare to differentiate will be the ones with a sustainable online strategy. Yes, it’s time for first-party data collection with live commerce.

Tackle third-party cookies with live commerce

Third-party cookies, first party dataIn a world where the third-party cookies are crumbling, in-house live commerce emerges as a beacon of hope. It allows your brand to stand out in a crowd, while providing your marketers access to crucial customer buying patterns that help make product, pricing, and promotional decisions. Here’s how it empowers you to thrive in a privacy-first future:

1. Own Your Customer Data

Live commerce helps build organic, direct, and meaningful interactions with your audience. You collect valuable first-party data – purchase behavior, product preferences, and real-time feedback – directly from the source. Given how intimate livestreaming is with a user on your platform, the number of data points you can gather are several. This goldmine of information fuels targeted marketing efforts and personalized customer experiences.

2. Build Loyal Communities

As we have maintained, live streams aren’t just about selling; they’re about fostering connections. Just have a look at our successful customer stories and you will know that audiences love when their favorite brand provides them with a humane experience in the marketing funnel. Engaging content, interactive features, and real-time interaction create a sense of community around your brand. Loyal customers become brand ambassadors, helping organically promote your products and drive growth.

3. Introduce New Products with Confidence

This is one of the most underrated benefits of having an in-house live commerce strategy. Live commerce allows you to unveil new products to a captive audience eager for the latest offerings. So, forget about soft launching new products on social media and getting analytics through third-party cookies. It’s time to gather real-time feedback, answer questions, and offer resolutions directly, creating a buzz and building excitement for your newest innovations. Skip going through a third-party platform with vague policies and rigid functionality; build a fully customizable live commerce strategy and meet your customers virtually.

Build brand advocacy: Go beyond just sales

Brand advocacy is the way to go in a world filled with options. If you are in the business of selling products or services online, you know the joy of having more of your customers repurchase from you. Thus, building brand advocacy is crucial to reduce your customer acquisition costs and improve the repurchasing rate. Live commerce helps you go beyond the immediate sale. It’s about nurturing long-term brand loyalty. Here’s how:

1. Transparent communication

Live streams offer a window into your brand’s personality and values. The first-person and interactive nature of this technology brings a certain level of trust missing from non-real-time mediums of marketing. You can showcase product development processes, introduce your team, and answer questions openly. This level of transparency fosters trust and builds genuine connections with your audience. It also shows that your brand is authentic by giving a behind-the-scenes view into the brand and its operations.

Also Read: Understanding first-party Data and its impact on your business

2. Add Influencer marketing to the mix

One way to combine two highly effective tools of customer acquisition approaches is by partnering with relevant social media personalities to host live streams. They bring their audience and expertise, while you leverage your brand story and product knowledge. Two birds with one stone. Add to this, BeLive’s expert consulting gives you access to strategies that have worked for our clients at scale. This collaboration creates a dynamic and engaging experience that resonates with viewers.

3. Exclusive content and offers

What’s one straightforward and effective way to get your audience to be more active? Exclusive content and offers, of course. Reward your loyal viewers with exclusive access to product launches, early bird discounts, or behind-the-scenes content during live streams. Build a gamified system that unlocks benefits for users who interact the most. This VIP treatment strengthens customer relationships and incentivizes repeat purchases for your products.

As the third-party cookies crumble, brands that embrace in-house live commerce will definitely stand out. With brands embracing the technology on third-party apps like TikTok Shop and Lazada Live, it won’t be long before they realize the importance of having access to first-party data and building brand advocacy, while is only possible when you do live commerce on your platform.

Not only will you gather valuable first-party data, but you’ll also build a loyal community of brand advocates eager to engage and connect with you. Embrace live commerce, prioritize first-party data, and watch your e-commerce business thrive in a privacy-focused future.

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