The deprecation of third-party cookies will no longer be a looming trend on the horizon.
Moving along to the deprecation of third-party cookies — this industry curveball spooked everyone in the digital marketing realm when the decision was first made, but worries and concerns were quickly tabled when news broke of the delay.
In 2022, marketers need to prioritize building their first-party audience capabilities: Consumer analytics tools will determine who flourishes or flounders next year. Marketers should utilize tools that are able to derive valuable audience insights from first-party data.
There will remain a lack of understanding about the buying journey of digital natives.
As this holiday season has demonstrated, marketers are deficient in their understanding of the decision-making and buying journey of digital natives, Gen Z. As this generation's buying power increases, retailers need to focus on gaining a better understanding of Gen Z's digital engagement patterns to be able to engage them responsibly and effectively.
Retailers will need to invest in building an in-house experimentation and insights lab.
The pandemic has accelerated the speed of change, especially in the digital world, multi-fold. Businesses would be smart to invest in building an in-house insights lab that is able to continually conduct experiments to uncover relevant trends and validate hypotheses. It is my firm belief that embracing a culture of experimentation will become a critical success factor for every business.
Every retail marketer needs to either build insights and trend mapping capabilities in-house or collaborate with digital marketing partners who can help them do so. Why? Keeping a close tab on market and consumer trends will be extremely critical in the coming months. If retail marketers do not utilize this capability, it will be one of the biggest risks possible for businesses.
Although a lot of the new year’s obstacles will favor this past year, retail marketers should not be fearful. The pandemic taught us that change is not always a bad thing, and that sometimes you need to address the problems in front of you before you can move on to a next and new chapter. Retailers, now is the time to address the current, looming obstacles head-on — after all, if not now, when?