There’s no doubt that COVID-19 is changing the world in front of our very eyes. No one could’ve predicted how big an impact this was going to have on our lives.
The pandemic has already resulted in huge unemployment and stock market fluctuations affecting savings and share prices, with businesses finding it difficult to trade and operate in just a matter of weeks.
With nearly a quarter of the world’s population now on some kind of lockdown, consumer spending behavior has already changed. Offline sales have decreased because of non-essential shop shutdowns — and economists, governments, and business owners are rightly worried about the effect the pandemic is having on overall consumer confidence.
And there is nothing worse for consumer confidence than fear and uncertainty. Fear and uncertainty can often be self-perpetuating — especially when there’s no real information outlining the truth.
At Emarsys, we want to help our customers, partners, and the business community during these challenging times and provide accurate, up-to-date, and detailed information on consumer spending to help navigate the economic impact of this pandemic. So, in partnership with GoodData, we’re launching ccinsight today.
ccinsight — A Daily COVID-19 Insights Tracker for E-Commerce
Many organizations and universities have launched platforms that help people track the medical aspect of the virus, but very few have launched useful trackers monitoring the economic impact.
ccinsight is the first tool of its kind that gives economists, policy makers, and businesses an insight into how COVID-19 is affecting consumer spending on a daily basis in different industry sectors and geographical locations across the world.
E-commerce is a useful indicator of overall economic performance, and so ccinsight paints a picture of consumer purchasing behavior through Emarsys’ analysis of aggregated and anonymous e-commerce revenue, number of orders by customers, average order values, types of items purchased, and more. You can compare trends and snapshots of behavior with “normal” activity from before COVID-19 and compare how online sales are changing on a daily basis.
A few other companies have launched similar tools over the past few days. All of them are obviously designed to shed light on the ever-changing situation, so ours is purposefully different:
- It’s always up to date: The situation is changing so quickly that anything that gives you data from even a week ago is already out of date. Ours updates using daily data so you can understand what the situation is now.
- We focus on accuracy: ccinsight draws on anonymous data from more than a billion engagements and 400 million transactions across 120 countries to ensure that the information you’re getting is solid.
- It’s interactive and easy to use: We want to ensure that you get the most relevant information as quickly as possible — and so have made the tool interactive and intuitive (rather than simply displaying charts and graphs on a static landing page).
The site goes further than just data. It’s also a crowdsourcing community hub, and we’re encouraging all users — whether you’re an economist, government worker, business owner, or digital marketer — to publish your own advice and insights to help others.
Making Decisions Based on Certain Data in Uncertain Times
Together, the world will beat this crisis. It’ll be tough, but we will come out the other side. What’s key now, though, is the action we all take. Economic, governmental, and business decisions have always been stronger when they’re based on data, and now we need data more than ever to navigate tough times and to make the toughest of decisions.
We understand how important getting the right information to the right person is. Therefore, if you work for a company that has access to data that would improve and expand this tool, we’d love to talk to you to get you involved. Never before has open collaboration been more important.