Role of third party data in a customer data platform
If there is one sector that has remained buoyant despite the global pandemic, it is online commerce. Brick and mortar players are also a significant shift in revenue streams, and omnichannel presence is a necessity. The changes in the retail sector are undergoing are transformational and long-lasting.
A significant enabler in online commerce comes from customer behaviour data which results in customer intelligence. We see some tectonic shifts in data collection forms in a privacy-first world. New challenges are being in the form ad blocking, GDPR and other privacy regulations and third-party cookie elimination. All these moves make identity resolution difficult and tricky. Yet as our users become more privacy-aware, they demand more personalised and seamless experiences.
Add to this the changes in consumer demand fostered by the pandemic, and our need to adapt our customer data strategy is immediate and unavoidable. This customer data strategy needs an organisation-wide effort to break through silos to get a 360-degree view of all customer activities.
While utilising internal first-party data provides a view into the customers’ real persona, it is still a limited view of who he is. This narrow view is where data enrichment with second and third-party data sources comes into play.
Customer Identity is the Core
Every customer-centric business must adopt a coherent identity strategy across different use cases. Identity lies at the heart of delivering customer experiences as the customer interacts with the various touchpoints in the organisation the background needs to be seamless and consistent.
Usually, there are disparate systems where the customers’ data shows up be it transactional, marketing, financials, CRM & many others. Each of these systems has their customer id and attributes. To synchronise these attributes across systems to come up with a unified customer view is a challenge in its own right. Explore complete role of third party data here.
