A new Covid-19 Commerce Insight (ccinsight) project today launches showing for the first time how Covid-19 is affecting consumer expenditure online at both a global and regional level in multiple industry sectors on a daily basis.
The tool, which helps assess the impact of Covid-19 on consumer confidence, draws on activity from more than a billion engagements and 400 million transactions in 120 countries, providing a global and regional picture of ecommerce activity and trends — 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 and more — in any industry and region in the world — in context of the extraordinary measures taken by governments globally. Moreover, 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.
ccinsight is currently powered by anonymous data and technology from the leading customer engagement platform Emarsys and leading data analytics provider GoodData. Going forward, however, the team behind ccinsight is also calling for other data-driven businesses to pool resources and supply their own anonymous consumer data to help improve the platform’s predictive power.
Emarsys founder and chief innovation officer Hagai Hartman said: “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.”
GoodData CEO Roman Stanek said: “This crisis underscores the need for data analytics on a daily basis. Now more than ever, global and local communities, businesses and governments need all available information to help us all make informed choices.”
Hartman also added: “It’s for this reason that we’re also calling upon any businesses that could help shine a light on the impact of coronavirus and inform future predictions for ecommerce. If you’re a data-driven business who is open to collaboration, please do get in touch to help improve and expand the ccinsight project.”
So far, many Covid-19 trackers only focus on the medical side of the pandemic. There have been few publicly available data sources analyzing consumer spending and how it’s affecting global markets — leaving economists, policy makers, businesses and consumers to make decisions in the dark. ccinsight, fills the market need to understand consumer buying behavior — one of the leading indicators of economic health.