Experian Finds 25 Percent Increase in Online Activity Since Covid-19
Consumers continue to transact online and the trend is not diminishing
“For the past 12 months, we've monitored the significant and sustainable shift toward ecommerce and digital financial services,” said
The study also found that as people begin to spend again consumer loyalty to online businesses is weakening. 61 percent of consumers say they are staying with the same online service provider they used prior to the pandemic. This a decrease of 6 percent from one year ago.
“Dwindling customer loyalty along with heighted customer expectations and increased competition could mean potential revenue loss or gain. Business must find solutions to improve digital engagement and customer acquisition,” added Wagner.
Companies are leveraging advanced technologies to improve the digital customer experience and grow their business including digital credit risk decisioning, passive authentication, artificial intelligence and more. According to our research, 90 percent of companies are investing in business automation, 76 percent are improving or rebuilding their analytics models and 65 percent intend to increase fraud budgets.
To develop the study, Experian interviewed 3,000 consumers and 900 businesses across 10 countries around the world including
Additional findings from the report include:
- Nearly 10 percent of consumers are spending more and putting less away in retirement or emergency savings than a year ago
- Half of consumers (49%) conducted personal banking and payment activities online regularly
- Adoption of AI has risen from 69% to 74% and machine learning from 68% to 73% in one year
- 50 percent of companies are exploring the use of expanded data sources
Download the latest Global Insights Report to learn about more findings from Experian Decision Analytics.
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