A quick guide to the demise of the 3rd Party Cookie and where to now

The third party cookie underpins the standard model of online media buying, targeting and tracking
They provide a tracking mechanism for ad tech measurement such as impression tracking, conversion tracking via adserver & cross device mapping

Blocks 3rd party cookies in Safari by default
1st party cookie to have a maximum 24-hour life span
Restricting the use of link decoration – a method of statically attaching extra information to the URL link that people click on

Feb 2020 Chrome version requires more transparency on 3rd party cookies allowing users to block them more easily
Full block of 3rd party cookies announced for 2022
Browser extension to show who is adserving and collecting data
‘Aggressive restrictions’ on fingerprinting

Tracking cookies power the current model of 1-1 advertising online. Their removal will hinder marketers’ ability to segment & target consumers with advertising using 3^rd party data.
Consumers still produce many data signals – that is information that is passed actively or passively from consumers as they interact with the digital economy such as making purchases and payments, search for things, click on ads, take on new loans for example or close out paid down loans. Each of these activities are signals that can be tracked, monitored and used to target advertising using real-time data collection where your customers are, including digital channels like the Web and mobile and non-digital channels like in-store and customer call centers. Capturing live intent signals as customers interact across all channels is key to engaging them with relevant content.
As the value of 3^rd party data diminishes the importance of 1^st party data will grow. Marketers will need to invest in strengthening their 1^st party data capabilities.
The online user experience may improve eg no more annoying ads for items you’ve already bought.

Some suggest the demise of the 3^rd party cookie provides an opportunity for contextual advertising to reappear.

Contextual advertising is targeting advertising based on the context for that advertising and would ensure that the advertising remained privacy compliant. Instead of manually selecting individual sites which are contextually appropriate, technical solutions would be deployed which use machine learning to deliver contextual targeting and analytics solutions for publisher and advertisers. The publishers can create a more accurate picture of page content, ensure that it’s classified accurately, and market inventory is created based on context. Advertisers can select an environment which is consistent with their brand and target based on context, whilst remaining privacy compliant.
Use alternative non-cookie based targeting e.g. page content, device, time of day, geo, IP address
Use ID based solutions – create a persistent user ID and share this with all parts of the media buying supply chain using a different technology, a functionality that is the closest to the 3rd party cookie. It works through publishers and as technology integrations, a unique user identifier is generated and stored in a persistent manner. This is passed as a variable through the auction supply chain, allowing the buyer to see if this ID is recognised.
Walled gardens approach: A platform, or collaboration of platforms, that has sufficient reach for its single login to become a useful identifier. The ID is only available to be used within the platform.

Start with an audit to understand reliance on 3rd party cookies
Get 1st party data in order
Educate internally on the issue and what can be done
Start testing to understand what the alternative ‘mix’ looks like
Have a dedicated team to map out the longer term and how 1^st party data can be more central going forward.