In the past decade digital ads have gone from less than 20% of the global ad market to more than 60%. This has resulted in a proliferation of consumer data that has raised data privacy concerns to the mainstream in the last 5 years. Today’s focus on greater data control and regulation has been influenced by 3 key landmark events. Specifically, the conception and implementation of the General Data Protection Regulation (GDPR), Apple’s AppTrackingTransparency (ATT) framework and Google’s planned phase out of third-party cookies by the end of 2023.
In addition to the changes in legislation and technology, the COVID-19 pandemic has increased e-commerce and digital media usage, and impacted consumer behaviour towards brand trust by raising expectations on data management transparency from all businesses.
All of this has culminated in a paradigm shift for brands, agencies, publishers, AdTech providers and data vendors in the world of digital marketing. The industry is being driven towards a privacy-first and consented approach to communication. Those who can rework their marketing strategies to not only comply but proactively build trust through privacy-preserving mechanisms will be well positioned for future growth.