2024 is going to be a golden year for data solutions providers: Rajiv Dingra, ReBid

The global shift to a digital existence spurred by the pandemic has underscored the critical importance of user privacy. In this era dominated by the internet as a universal habitat, safeguarding user privacy has become a paramount concern for authorities worldwide.

The challenge posed by this imperative is actively being addressed, evident in the introduction of the Digital Personal Data Protection Act (DPDP) by the government of India in August. Governments worldwide are tightening the noose around big tech companies like Google and Meta to fortify the security of user data.

In response to this, there is a concerted effort to phase out third-party cookies, and Google is at the forefront of this initiative. Google's commitment to eliminate third-party cookies materialised with the implementation of the 'Privacy Sandbox' extension for its Chrome browser. 

In a conversation with afaqs!, Rajiv Dingra, founder and CEO, ReBid, shares that, in light of Google phasing out third-party cookies, marketers are now compelled to gather their own first-party data.

This involves visitors to their websites willingly sharing their email addresses and phone numbers, allowing for a consensual exchange of information. This data forms a valuable pool, enabling tailored advertising efforts through channels like ads, email, and SMS.

Without this strategy, marketers are left reliant on the limited targeting options within closed ecosystems like Google and Facebook.

“First-party data collection is not just a choice; it's a necessity. Whether utilising Rebid's CDP (Customer Data Platform) or any other similar tool in the market, brands must adopt these platforms. These tools enable the collection of customer data in a structured manner, providing a comprehensive understanding of their audience.”

Even though 2023 has been good to Dingra and Co., he believes data solution providers like ReBid will see heightened growth in the near future. 

“2024 is going to be a golden year for data solutions providers like ReBid. This year marks a pivotal moment where privacy and progress converge. The future of data solutions is here, and it's incredibly promising," he says.

Dingra, who founded and led the digital agency WATConsult before setting up ReBid in 2020, says that the company started work in diverse markets outside of India initially. Thus, their entry into the Indian market followed extensive testing with advanced players in various global markets.

"This strategic approach ensured the acceptance and effectiveness of our platform on a global scale. We have gained traction among clients in multiple sectors, including omnichannel retail, Banking, Financial Services, and Insurance (BFSI), and the automotive industry." 

Rebid's CDP centres around customer-centric data consolidation. It allows businesses to collect, enrich, manage, and activate first-party data across their consumer base. By creating a unified ID for each customer, this platform captures both online and offline interactions.

Rebid's CDP ensures the privacy-compliant collection of customer data and provides tools for consent management. This data becomes the foundation for targeted marketing efforts, enabling personalised ads, emails, and SMS messages to engage customers effectively.

Given that first-party data may originate from various platforms, the challenge of organising this diverse information is acknowledged. To address this, ReBid offers the Advertising Data Platform (ADP). ADP is specifically designed to consolidate and harmonise data from diverse advertising platforms. 

It provides marketers with a comprehensive view of their advertising campaigns, allowing them to analyse performance metrics from ad impressions to transactions. This platform enables marketers to zoom in and out of their campaigns, gaining insights at both granular and macro levels. It offers a holistic understanding of the customer's journey from ad interaction to transaction.

“ReBid's CDP facilitates the collection, enrichment, management, and activation of first-party data. This strategic advantage ensures precise targeting and personalised marketing even in a cookieless landscape,” he asserts.

Dingra explains that the rationale behind developing ReBid's Advertiser CDP lies in bridging the gap between martech and adtech. Traditionally evolving separately, these two domains are now intricately intertwined.

In the era of cookieless browsing, understanding each customer's journey, whether they engage through a website, app, or any digital platform, has become critical. “First-party data collection becomes indispensable for targeted marketing. It necessitates a robust martech infrastructure, ensuring that adtech efforts are not just successful but impactful.”