Is Your Market Research Technology Keeping Up with Shopping Technology?

01/1/1970

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How will your customers’ shopping preferences change in the next 5 years? What does that future shopper look like? And what will she want from your brand, products and shopping experience?

Companies are gathering data to forecast trends that are likely to have the biggest impact on their future. Those trends can be a moving target as illustrated in this commercial from SAP. In the blink of an eye, women’s sports preferences change from basketball, to disc sports, to Tai Chi, to aerial karate.

Lifestyle trends aren’t the only things moving fast. New technology is having a profound effect on customer shopping preferences.

Just look at Amazon Go featuring “just walk out technology.” How will your customers respond to this kind of shopping experience? What will they like about it? What will they dislike about it? Will they love the convenience? Will they worry they won’t be correctly charged? Are your products well suited to this kind of shopping experience? Or do your customers prefer more of a personal touch where they interact with a real person?

As shopping experiences are evolving, so are the market research tools and technology that measure those experiences and preferences.

Testing and validating concepts for the customer of the future

Foreword looking companies and brands are searching for insights and trends that will help them identify the most profitable customers not only today, but in the future.

Predictive analytics will help drive that innovation and provide guidance on future opportunities. At Brand X, we append your data to primary research which allows us to identify market shifts. Then our advisory team works with you to pivot and embrace emerging trends that will affect your desired business outcomes.

Just as technology is innovating shopping experiences, it’s also innovating the way we do customer research. Here are some examples:

Mobile gaming provides a unique way to gather data on users. A new mobile game, called Sea Hero Quest, is out now on iOS and Android to help neuroscientists develop a test for dementia. Data gathered from players is providing important new insights into the disease.

Virtual reality is proving to be an incredible market research tool for everything from virtual stores to virtual focus groups. VR is estimated to generate $30 billion in revenues by 2020. Much of this growth is due to the increasing reliance of market research projects on this technology. Virtual reality is being used to test everything from how customers respond to future bank branch designs, to gathering patient data for healthcare providers.

The power of next generation research insights

In the field of health care, in-person focus groups can be difficult to convene as doctor and administrator schedules are packed, and patients are often ill or have mobility issues. VR applications in health care market research enable doctors, other health care workers, and patients to participate without travel expenses, spreading illness, or excessive time commitments. At Brand X, we created X Labs to use the latest technology and tools to provide concept testing and validation for not only the customer of today, but also the customer of the future.

In the healthcare industry, that customer is most likely to be female. See how women, Millennials and technology are changing how healthcare is delivered.

Brand X is recognized as one of the foremost authorities on female consumer research. We’ve performed well over 3,000 research studies with women all over the globe.

Ask us how you can take advantage of technological advances in market research to get better data, more actionable insights and faster results by better understanding your most profitable customers.

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