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It would be an understatement to say that consumer attitudes and behaviors have been forever changed by COVID-19. a dizzying one 67% of people say their online spending has increased since the start of the pandemic. There were also 900 million more online consumers in 2021 than in 2020, representing an increase of almost 4.5% year-on-year.
But as marketers look to a post-pandemic future, one question remains: How can brands keep up with the ever-changing nature of the customer journey?
Differentiation in the market
In addition to the pandemic driving more customers online – turning the traditional sales funnel upside down – recent changes to privacy regulations in both the EU and the US have changed the way brands track their online customers. This has created a market for companies like Konnecto, a consumer travel analytics platform that uses data science to track customer journeys, rather than through third-party cookies.
“From telemedicine to financial services, consumer experiences that used to take place offline are now happening online,” Konnecto CEO and co-founder, Erez Nahom, told VentureBeat. “And as more and more customers search for answers to their questions online, on social media and in various other places, brands have no idea at what point in the journey the customer decided to leave and pick their competitor.”
To avoid the gambling game, brands are leveraging customer intelligence solutions to understand market dynamics and take proactive measures. To meet rising customer expectations and maintain customer loyalty, these tools can help businesses identify the most efficient ways to communicate and interact with their customers.
But instead of aggregating data and metrics from different platforms, Nahom argues that Konnecto identifies the most impactful vulnerabilities in a brand’s customer journey and provides clear, prescriptive recommendations to maximize business results.
“Brands that work with Konnecto don’t have to do searches or dig deep into their data,” says Nahom. “They receive daily recommendations for their various digital marketing investments telling them what to do and why, in full compliance with global privacy regulations.”
This is achieved by reverse engineering consumer journeys that ultimately resulted in a conversion at a brand, its competitors or in a marketplace.
“We’re essentially going all the way back to the early funnel from the moment of the transaction to the first interaction consumers have with the brand,” Nahom said.
By equipping companies with critical behavioral data and providing highly targeted recommendations to drive online sales and optimize marketing ROI, Konnecto has helped several Fortune 500 brands, including MassMutual, Coca-Cola, Lego, eToro and Mercedes-Benz. benz.
In the past six months alone, Konnecto has tripled its customer base and increased sales by more than 500%. The Israel-based company recently secured $21 million in Series A funding led by: PeakSpan Capital, with participation from TPY Capital, Mindset Ventures, Differential Ventures, SeedIL Ventures and Magna Capital Companions. With the latest funding round, the company plans to continue investing in research and development and expanding its infrastructure to meet demand for its growing platform.
“The main goal for us right now is to improve the existing models that we have and build additional models that can essentially find more vulnerabilities in more data sets and create more accommodation for different teams,” Nahom said.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.