A company that does not innovate in today’s day and age will lose its competitive edge and eventually become obsolete. BCG states that the companies that build a strong innovation culture are 60 percent more likely to be innovation leaders. With the wave of new-age technology that has disrupted every sector-be it consumer packaged goods (CPG), automobiles, real estate, or finance, companies that want to sustain themselves in the long term are heavily investing in integrating technologies like AI, machine learning (ML), virtual reality (VR), augmented reality (AR), Generative AI into their products and solutions to enhance their product offerings. Insights from market research firms guide brands in identifying unfulfilled consumer needs, perceptions, the competitive landscape and market trends etc to make informed innovation strategies.
The COVID-19 pandemic triggered a drastic shift in consumer shopping behavior giving rise to the popularity of hybrid shopping. Even after two years since the pandemic, the hybrid shopping model has not only persisted but has become a preferred choice for many shoppers.
Topics: Consumer shopping habits
Data and analytics can reveal crucial information about consumer preferences and pain points, but it is the ability to tap into the customers' feelings, triggers and desires that set a successful brand apart. And building this connection with customers is not an easy task. As per a survey by Capgemini, 80 percent of executives felt that their brand understands the emotional needs of consumers, but only 15 percent of consumers thought that brands do a good job of emotionally connecting with them.
Third-party cookies and related privacy concerns have been a topic of discussion for a few years now. Many browsers like Firefox and Safari have already blocked them to comply with the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA), while Google Chrome recently said it would gradually phase out third-party cookies for 1% of Chrome users from the first quarter of 2024 and will disable third-party cookies for all Chrome users in the latter half of 2024.
With technological innovations disrupting the insights and market research landscape the expectations of companies from market research firms have drastically evolved.The digital transformation led by AI/ML mediums usher in unprecedented connectivity, agility and information. Market research firms that are ahead of the curve are the ones who adapt and integrate technology into their practices to provide nuanced and quality insights and provide valuable impacts to their clients.
Companies through market research constantly seek innovative ways to understand consumer behavior, wants and preferences. Market researchers and companies are now using new technologies for their studies such as augmented reality (AR) and virtual reality (VR) to significantly transform how market research is envisioned today.
With projections reaching $681 billion in spending on digital ads by the end of 2023, digital advertising has become a vital marketing element for businesses. While this growth is evident, the industry is intensifying in competitiveness, with consumer skepticism toward ad authenticity on the rise. On the other hand, companies are concentrating on reaching the right audience and generating the desired results.