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article imageCOVID-19: Analyzing data to discover trends for consumer spending

By Tim Sandle     May 12, 2020 in Business
Two technology-driven companies are collaborating in order to analyze retail data and to discover significant trends for consumer spending behaviors during COVID-19 crisis. Such data will aid building an economic recovery.
A new tool has been developed between a business specializing in customer engagement and company that deals with data analytics. The tool is called Covid-19 Commerce Insight (ccinsight). The platform has been designed to help to assess the impact of COVID-19 on consumer confidence, drawing on activity from more than a billion engagements and 400 million transactions in 120 countries.
The aim is to provide a global and regional picture of e-commerce activity and trends. Such data provides a key indicator of overall economic conditions in these unprecedented times.
Key insights from the new platform include how the pandemic is affecting the number of online consumer transactions, order numbers, the average order value, types of items purchased among other measures. The data can apply to any industry and region in the world.
Moreover, the data moves in real-time so that the different contexts of the extraordinary measures taken by governments globally can be compared and contrasted. In addition, the platform acts as a crowdsourcing community hub for business owners, economists, academics and policy makers to publish their own advice and insights to help others.
In a quotation supplied to Digital Journal, Hagai Hartman, founder and chief innovation officer of one of the companies involved - Emarsys - explains: “This pandemic is having an unprecedented effect on the global economy and consumer spending. And in the absence of hard data about consumer spending and confidence associated fear and uncertainty is self-perpetuating. We’ve launched ccinsight with the goal of putting up-to-date consumer data in the hands of business owners, economists and policy makers to help them by giving them the actionable insight they need to navigate this economic crisis.”
The other company involved with project is GoodData, where Roman Stanek is the CEO. The company has provided an initial assessment of data relating to the U.S.
In terms of home and leisure, the trends show that e-commerce has more than doubled during the current coronavirus pandemic. Increasing from between 15 and 56 percent year-on-year to 69 to 166 percent. There were similar gains with sports and hobbies, growing from 5 and 36 percent year-on-year to 80 to 110 percent
However, the overall retail growth is in decline, dropping from between 14 and 34 percent to minus 10 to plus 14 percent (again based on year-on-year rolling averages).
More about consumer trends, Retail, Spending, Shopping
 
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