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It would be an understatement to say that consumer attitudes and behaviors have been forever transformed by COVID-19. A staggering 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 there were in 2020, representing a nearly 4.5% year-over-year rise.
But, as marketers look toward a post-pandemic future, one question that remains is — how can brands keep up with the ever-changing nature of the customer journey?
Differentiation in the marketplace
In addition to the pandemic driving more customers online — which upended the traditional sales funnel — recent changes in privacy regulations in both the EU and U.S., have shifted how brands track their online customers. This has created a market for companies like Konnecto, a consumer journey analytics platform that uses data science to track customer journeys, rather than via third-party cookies.
“From telemedicine to financial services, consumer experiences that used to take place offline are now taking place online,” Konnecto CEO and cofounder, Erez Nahom, told VentureBeat. “And because more customers are searching online, on social media and various other places to get answers to their questions, brands don’t really have any idea at which point in the journey the customer decided to leave and choose their competitor.”
To avoid the guessing game, brands are leveraging customer intelligence solutions to understand the 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 interface and interact with their customers.
But instead of piecing together data and metrics from disparate platforms, Nahom claims 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 won’t need to run queries or take a deep dive into their data,” said Nahom. “They’ll actually get daily recommendations across their different digital marketing investments that will tell them what to do and why, with complete compliance with global privacy regulations.”
This is achieved by reverse-engineering consumer journeys that ended up converting with a brand, its competitors or on a marketplace.
“We essentially go from the moment of transaction backward all the way to the early funnel to the first interaction that consumers have with the brand,” Nahom said.
By equipping businesses with critical behavioral data and offering highly targeted recommendations to boost online sales and optimize marketing ROI, Konnecto has helped several Fortune 500 brands including MassMutual, Coca-Cola, Lego, eToro and Mercedes-Benz.
In the past six months alone, Konnecto has tripled its client base and increased revenue by over 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 its latest funding round, the company plans to continue investing in research and development and expand 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 vulnerability points in more datasets and create more accommodations for different teams,” Nahom said.