Jyoti | Founder and Managing Director | Allegiant Market Research Service and Consultancy
Leon Brown stated “You cannot evolve unless you are willing to change”. This is exactly what has been happening in the field market research. It is changing and evolving with the time in a meticulous, foreseeable and in an irreversible manner. As the new technology is making its way in the market, the old methods of doing market research like surveys, focus groups, observations and in-depth interviews are also modifying their natural base.
Some of the new Technologies are listed below:
- VISUALTRACKING
It is the technology which tracks the activity of eye. What we look, ignore, pay attention to and how our pupils respond to different stimuli? The conceptualization of tracking the eyes is fundamental but its operation and explanation is relatively difficult.
Explanation of visual tracking data can be done in various ways but the most used one is to study the movement of one or more candidates across a computer/mobile screen. Each eye particulars are observed and translated into a set of pixel groups. After this one can see the areas where the person focused on the screen then the interpretation can be done. This process helps in knowing which features were seen, which content is looked first or ignored and any other gaze- related queries.
Oriflame (Sweden) used visual tracking to understand how their customers responded to their catalog. They were able to collect sufficient amount of data to reconstruct the catalog and develop new insights to improve business.
- SCANNING TECHNOLOGY
Scanning technology is when the customers are allowed to carry their own scanning devises in the mart, through these they can scan the item they want to buy and see the available offers. The preceding purchasing behavior of the customers was only on the loyalty but with this method one can know the different aspects on which customer thinks, gives first preference to which ad or item, company, category of products, spending levels and buying behavior.
Kroger’s Scan, Bag, Go is using scanning machines, which their customers carry with them. This help Kroger’s to collect real time data and know about consumer buying practices.
- AUTOMATION
Automation can perform various tasks like manufacturing, defense, utilities, transporting and now information technology which were earlier done by humans. It has simplified the work by changing the data collection, analysis and interpretation. Automation will help in predicting consumer behavior and can make predictive analysis with some hidden answers like what should be the cost to have profit? Who will probably buy their services or products?
Lowes’ Oshbots is one such example; it can speak 7 languages, helps the customers in finding things in the warehouse. The store is in California and they are testing these bots.
Oshbots use facial recognition to identify humans. Through these bots they also know the buying behavior of the consumers.
- FACIAL RECOGNITION
Facial recognition application has the ability to verify or identify a person through face mapping or scanning his face on a digital frame. It is widely been used for security reasons but now is gaining more importance in the market research.
- SENSORY RESEARCH
Sensory Market Research analyzes the brain waves and the heart rates and skin responses to the products. Through this sensory research, we are able to get a broader picture of consumers’ responses to the products and services. It can deliver not only the data, but also heat maps which are valuable in determining the product features, pricing, packaging and positioning of the products in domestic and global markets.
KEY CHALLENGES FACED BY MARKET RESEARCH INDUSTRY:
- Difficulty in use of social media for the purpose of data collection
While it cannot be denied that having thorough information about the market conditions helps most in drafting the best of strategies to enter the market, face the existing challenges and making a mark in the industry along with reaching out to consumers, most market research companies face difficulties in adapting to the latest technologies to make their mark in the virtual world.
The best example would be of smart phones and other social media platforms which made possible for market research companies to contact many people at same time.
- Lower rate of response
On one hand though technology helps in carrying out a larger number of surveys; the hidden hurdle faced by the market research companies is waning of active participation by respondents resulting in the lower responses. Though the consumers might have many things to say about the products or services, but they shy away from surveys because many of them are happening. This results in carrying out only sample surveys of only those who show eagerness in participating in the surveys without real participation from actual number of people.
- Hurdles faced in handling security issues and data privacy
Most Market research companies face a lot of hurdles in securing data due to stricter governmental policies, regulation on account of privacy. Not only this, increased awareness among consumers has led to more consumers becoming increasingly secretive and even mistrustful about some market research companies. The consumers start refusing or even avoid participating in surveys; interviews etc. of those market research firms.
ABOUT THE AUTHOR
Jyoti is the Founder and Managing Director of Allegiant Market Research Service and Consultancy Pvt. Ltd. A market research firm that specializes in faster turn around and kosher recommendations. She comes with a wealth of research and leadership experience across sectors. She has over 23 years of research experience working with Market Research companies like Nielsen, Market Probe and MRSS India. Her range of experience includes handling research projects for industry segments such as Automobile, Agriculture, Real Estate, Construction, BFSI, FMCG, Industrial, E commerce, Services, Telecom, Media, Retail, Pharma and several other service industries and successful handling of 500+ clients in a span of 23 years.
