It’s the year of 2020 which will forever be known in history, as the year that changed the everyday lifestyle or life routine of humans because of the pandemic- COVID-19. Coronavirus affected the entire world economy making it crash in most of the countries. And due to this unexpected change and vulnerability that it has created in this diverse world, analytics are sought after more than ever.
Analytics is the systematic computational analysis or the information resulting from the analysis of data or statistics.
Coronavirus did not only change the health of humans but also changed the behaviour of customers and their consuming/buying patterns. So, to understand the customer behavioural changes during this coronavirus era, companies or organizations around the world have started picking up analytics from their side thus causing a hike in the need and hiring of data analysts and data scientist more than ever.
Experts say that not only in this time of pandemic but also in the period when there is stability, customer analytics should become an essential part of all organizations. However, in this time of abrupt changes analytics are even more useful and efficient in the process of getting to know the customer’s behaviour to get valuable insights and to detect negative changes if any.
Experts recommend that during stable times, companies to focus less on the location-based analytics, as the customer might be travelling, making quick trips thus tracking their location giving out very little value. And instead to focus on the text analytics, journey analytics, and speech analytics.
During this pandemic, customers mostly will engage on online or digital platforms under this lockdown, thus to measure this behaviour shift we could use customer journey analytics. These analytics would enable the companies to find out the most prominent journeys of customers, enabling them to prioritize fixing friction points.
However, there are only about 58% of the companies using digital data sources in their analytics journey of customers. Thus, the others would develop a blind spot towards customer experience and maybe even continue to be one after the pandemic ends. It’s also important for companies to reshape their predictive models whenever huge shifts in customer behaviour occur, like the one that happened when the lockdown was initiated.
Now the highest value customers are quite different from how they used to be two months back as they are now prioritizing non-perishables and essentials, so a change in the product recommendation models is also required.
Thus, in this unprecedented changing environment, all one could do to make things better is to cope up with the change and get innovative in what they do and reshaping the necessary.