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It would be an overstatement to say that consumer attitudes and behaviors have been forever transformed by COVID-19. An amazing sixty seven% The number of people who say their online spending has increased since the start of the pandemic. Happy Palace 900 million won more consumers online in 2021 than in 2020, an increase of nearly 4.5% year-on-year.
However, as marketers look to a post-pandemic future, one question remains – how can brands keep up with the ever-changing nature of customer journey?
Difference in the market
In addition to the pandemic spurring more customers online – which has already shut down the traditional sales funnel – recent changes in privacy regulations in both the EU and the US, have changed the way that brands operate. their online customer tracking. This has created a market for companies like Konnecto, a consumer journey analytics platform that uses data science to track the customer journey, rather than through third-party cookies. .
“From telemedicine to financial services, consumer experiences that once took place offline are now happening online,” Erez Nahom, CEO and co-founder of Konnecto, told VentureBeat. “And because many customers are searching online, on social media and elsewhere for answers to their questions, brands don’t really have any idea at any point in their journey. the process by which customers decide to leave and choose their competitors.”
To avoid the guessing game, brands are leveraging customer intelligence to understand market dynamics and take proactive measures. To meet growing customer expectations and maintain customer loyalty, these tools can help businesses identify the most effective ways to communicate and interact with their customers.
But instead of aggregating data and metrics from different platforms, Nahom claims Konnecto identifies the most impactful gaps in a brand’s customer journey and offers clear, actionable recommendations. regulations to maximize business results.
“Brands that work with Konnecto won’t need to run queries or drill down into their data,” says Nahom. “They will actually receive daily recommendations on their various digital marketing investments, which will tell them what to do and why, with full compliance with the regulations. global privacy.”
This is achieved by reverse-engineered consumer journeys to convert with the brand, the competition, or the marketplace.
“We basically go from the point of transaction back to the original funnel to the first interaction a consumer has with the brand,” says Nahom.
By arming businesses with key behavioral data and providing highly targeted recommendations to increase online sales and optimize marketing ROI, Konnecto has helped several brands in the list. Fortune 500 books include MassMutual, Coca-Cola, Lego, eToro and Mercedes-Benz.
In the past six months alone, Konnecto has tripled its customer base and increased revenue by more than 500%. The Israel-based company recently received $21 million in A-chain 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.
“Our main goal right now is to improve on the existing models we have and build additional models that can essentially find more vulnerabilities in more datasets, and creating more accommodation for different groups,” said Nahom.
