By Jaideep Khanduja
With the market moving in unpredictable ways, we are all searching for more certainty and clearer forecasts. I spoke to Or Lenchner, CEO of Luminati Networks, a leading data collection operator, discussing the ways data can help any online business, not only survive in this most challenging crisis but thrive.
Q: Do you think the adage “The best defense is a good offense” is still applicable today?
Or Lenchner: When we look at our troubling and challenging reality, it seems that all we can do is passively wait for developments and then attempt to respond.
What if I told you that even in this world of choppy waters you can strategize, plan and navigate – anticipating your business moves.
How? With one simple tool– online data.
This asset has become a key resource for navigating this unprecedented crisis. With the help of digital data. companies can not only address this currently unstable market but thrive in it.
Q: How can data assist in this troubling time?
Lenchner: There can be no doubt that retail and ecommerce are in the midst of an unprecedented period that could last well into the later stages of 2020. The need for essential items is surging, but at the other end of the spectrum many retailers are struggling to come to terms with a slowdown in sales. Never has the need for insights been greater. Adapting to the developing COVID-19 situation is key to keeping businesses running and meeting demand.
Data can provide you real-time almost “live” business insights that clearly reflect where your consumer base is located, as well as consumer sentiments and anticipated movements.
It can assist any business in making the most vital decisions fast. Looking at the major market players, we see that the demand for data is almost as great as the demand for the vaccine against Covid-19.
Large online retailers are turning to data to get precise insights addressing our growing Covid-19 crisis have achieved some success. Some even report a growth in sales of over 15% and climbing.
In a world of social distancing data can bring you closer to your employees, customers and partners and instill continuous trust, especially now. Rather than have your company mired in uncertainty – data can shed light and become a vehicle to plan your business moves with utmost precision.
Q: Looking at the market today – what would you advise online players when addressing this crisis?
Lenchner: You should always relate to a crisis as an opportunity to find new business avenues – such as finding new customers or consumers that have never approached your business before.
The online world is just as dynamic as this crisis and responds by the minute to every market move.Data can help you view the developments from up-close and ensure your business moves are relevant.
So yes, you can hide away, left paralyzed by this worldwide pandemic or you can treat it as an opportunity – an opportunity to do better!
So before making the most drastic decisions for your business like letting your employee go – I suggest you turn to well collected online data to assess your market reality.
In this digital economy it may just surprise you for the better.