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Zero party data between hype and hope
1Coveo Solutions Inc, Quebec City, QC, Canada.
Frontiers in Big Data
|September 16, 2022
Summary
Zero Party Data (ZPD) offers personalization benefits but may not be entirely accurate. Retailers should understand ZPD limitations and potential biases in survey design for better data collection.
Area of Science:
- Marketing Science
- Consumer Behavior
- Data Privacy
Background:
- Zero Party Data (ZPD) is increasingly vital for privacy-aware personalization.
- Retailers collect vast consumer data, making data privacy a key priority.
- ZPD involves customers willingly sharing data for improved personalization and trust.
Purpose of the Study:
- To critically evaluate the accuracy claims of Zero Party Data.
- To highlight the limitations of self-reported data in marketing contexts.
- To provide guidance on mitigating biases in ZPD collection.
Main Methods:
- Literature review of ZPD benefits and limitations.
- Analysis of social and cognitive science research on self-reporting.
- Development of a bias catalog for survey design.
Main Results:
- ZPD, while valuable, is not inherently accurate due to self-reporting biases.
- Cognitive and social sciences demonstrate limitations in self-reported data.
- Survey design significantly influences the accuracy of ZPD.
Conclusions:
- ZPD is a crucial tool for retailers, but its limitations must be understood.
- Practitioners need to be aware of potential biases in ZPD collection.
- Careful survey design is essential for obtaining more accurate customer insights.
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