GfK is partnering with a fintech company to launch its new Consumer Wallet spending tracker in Sweden.
It has not gone unnoticed that the online gambling market is in an expansive phase, we look at the opportunities and challenges that come with this developing market.
Sweden’s most trustworthy professions are firefighters and paramedics.
At last week’s Front End of Innovation (FEI) conference, Vijay Govindarajan of Dartmouth’s Tuck School of Business and the author of The Three Box Solution said “The future comes to us in daily doses”. This point was driven home for me in the recent announcement that came from GM and Lyft, about their plan to test autonomous self-driving cars as taxis as early as 2017. Not only did this give us a glimpse into the not-so-distant future, but it is a great example of a business following our five guiding principles of innovation: Think big, Understand shifts, Look outside-in, Fuse trends, and Think about the “Perfect Storm”.
The most obvious fundamental force behind this announcement is the technology — because without that the dream of an autonomous car would simply be the stuff of science fiction. However, technology itself is not the only factor. Way back in 2000, a third of all Americans1 told us that they would be interested in a car that drives for you when you don’t feel like driving — clearly an early, weak signal that this type of technology was at least intriguing to consumers.
The second (and also somewhat obvious) driver behind this announcement is the rapid expansion of the sharing, or access, economy. Back in 2010, we told our clients that the “for now” economy – predicated on consumers’ increasing interest in experiences and liquidity and a shying away from ownership and long-term commitments – was poised for growth. Flash forward to today and we have a world where 59% of global consumers have at least heard of the access economy1 (and 12% report that they have engaged in it). Lyft is one of the dominant players in this marketplace.
Perhaps not so obvious are some other fundamental forces. By the year 2050, 70% of humankind is projected to live in urban areas1. This is a huge driver with implications across a wide-range of platforms, not the least of which is related to transportation. Beijing has already reported traffic jams lasting 3 days or more – what could those traffic jams look like when that urban population doubles from where it is today? The need for more efficient ways to get from point A to point B is only going to grow.
Another force is that of an aging population. In most developed markets, we’ve been experiencing aging populations for more than a generation. The real change is going to come in the future, when markets like China and India report their highest ever numbers of consumers age 65 and older. Couple that with the trends of ‘aging my way’ and aging with vitality, and we see the opportunity for autonomous vehicles – ending the need for anyone to have their keys taken away due to physical or mental impairments.
Lastly, constant connectivity, and the integration with technology that this implies, speaks to the underlying need for a business model of matching unmet needs of consumers in real time. We at GfK have recently launched our Connected Consumer Index, which provides a single measure covering how much, and on what devices, consumers in each of 78 countries and 8 world regions digitally connect with each other and with digital content. The market for Connected Cars has shown steady growth over the past three years, especially in the more developed markets like Hong Kong and North America.
The news of this week does, to paraphrase William Gibson, prove that the future is already here, although not evenly distributed. Following the five guiding principles of innovation is one way to make sure your business is on an even playing field.
Please share your thoughts in the comments below or email me at firstname.lastname@example.org.
1GfK Consumer Life (Roper Reports®)
Together with the GfK SE Works Council, we have signed a Social Charter for GfK which is effective from 1 May 2016.
One of the challenges that organizations face is how to gain a deeper understanding of their customers. As researchers, one way to deliver this understanding is through storytelling. We go to great lengths to convert our insights into digestible snippets. Recent advances in virtual reality (VR) have given us a new set of tools to provide a richer, more immersive story that allows you to visit the environments that your customers experience your products in.
Recently, I was in Mexico City observing a series of ethnography sessions to understand how people interact with products and services. Ethnography is designed to explore people’s needs and experiences in a much richer way than can be achieved through surveys or phone interviews.
[This was taken by me on the street outside one of the ethnography participants’ homes in Mexico City]
As a researcher, I translate these observations into insights so that organizations gain understanding of their customers’ environments – how and where they use the product or service. Of course there are a number of tools that do a good job of this (photos, reports, presentations and video), but we are always looking to incorporate the latest technology if it will deliver better data or a better client experience.
You may or may not have heard of Google’s cardboard headset, a low-cost smartphone-based introduction to the seemingly limitless possibilities of virtual reality.
While we have been playing with this cardboard headset for some time, in December 2015 came a game-changer: the Cardboard Camera app. With this app, you can convert a panoramic video of your environment into a fully immersive 360-degree photo for use in VR. Sound is also included in this experience because it is converted from a video.
[These are the visuals found on the Cardboard Camera app page in the play store]
[A screenshot of how VR looks on the phone’s screen. The image is of a busy street in Mexico City, taken by me]
The process of taking the photo is non-invasive, takes approximately 20 seconds and is fully 3D (unlike a lot of 360-degree photos which, though impressive, are nothing more than a 2D photo overlaid onto a sphere). This app is therefore able to simulate real depth – like you’re actually there.
And that’s the point.
If you had the resources, I’m sure you would love to send your entire product or service teams to meet your customers. This would increase exposure hours and allow a deeper understanding of the challenges they face.
Of course, ignoring skewing effects of finding participants willing to invite an entire team into their homes, budgets would never extend that far. So we must find alternatives, other ways to immerse teams of people in your customer’s world beyond taped footage on a camcorder. The Cardboard Camera app single-handedly opens that door. It is a sign on the front gate saying ‘Welcome to my home, this is who I am’.
[A photo taken by me at an insights exhibition, showing a client ‘visiting’ a participant using one of our Google Cardboard headsets]
The power of a smartphone and a piece of cardboard is inspiring. As the technology advances, we must be able to see its potential. For researchers, we are aware of the usefulness of streaming services in our usability lab sessions; entire teams of designers, developers and business-owners can watch in real time how customers interact with their digital products. With VR, observation can now be extended outside the lab – to ethnography sessions and beyond. New VR cameras, 360-degree streaming services and headsets are cropping up almost weekly, so your teams can now ‘visit’ willing customers and experience their challenges in real time.
[A photo taken by me of a group of people watching VR content together. The technology we have used to date does not facilitate group streaming events, but this is how it might look.]
These technologies can enhance exploratory research in any industry with digital and physical products, services and full customer experience processes. However, VR’s reach can extend even further.
Place yourself in the shoes of those who design retail experiences, buildings, crowd flows, exhibitions or any physical product. Until recently, research and early prototypes have been largely screen-based, or VR tech has been costly and not viable for smaller research budgets. But now, participants can be truly immersed, connected and challenged in this environment and the cost is within reach of most budgets.
[A photo taken by me showing a GfK colleague using hand-control motion to gain more interactivity within VR. It was taken at a demo of the HTC Vive headset, using the ‘Tiltbrush’ software]
For UX researchers, virtual reality is not just a flash in the pan. As the interactive abilities of the technology extend to hand, head, eye and body movements, the potential for building and testing environment prototypes will only increase. VR has some compelling, tangible use cases that will truly enhance the way you experience customer research. My experience in Mexico has opened the door for our clients and we are excited about what’s lurking on the other side.
Please share your thoughts in the comments below or email me at Simon.Jones@gfk.com (Senior Project Designer, User Experience at GfK).
“Build it and they will come” has long been the modus operandi for the retail sector. But two decades of unprecedented change both in terms of technology and the economic environment has shaken the retail sector. This is the age of the Connected Consumer who expects retailers to fulfill their needs before they even ask. Omni-channel is the word that now defines retail as we have moved to a model where retailers need to be constantly present, ready to engage with shoppers in the moment and on the move – as well as on the high street. This is what retailers must do to survive in the Future of Retail.
The retail environment may have changed dramatically but the four key battlegrounds – choice, price, convenience and experience – are every bit in evidence. On each front, retailers must work harder to survive, let alone win. This is a world where prices are standardized, consumers are dazzled and confused by endless choice, and shoppers judge stores by the way they make them feel not just the goods they sell.
All retailers, from pure play online stores to the stalwarts of our high streets and malls and everything in between, now face a myriad of challenges. At its heart is the shopper of the future – today’s constantly Connected Consumers who want it all and expect retailers to come up with the goods.
Understanding what makes these shoppers tick is more than half the challenge. Price savvy, technologically forward and with a mission to fulfill, the shopper of the future expects retailers to keep up with them, not the other way around. The challenge for retailers is to stay one step ahead of consumers’ demands. That means delivering on all fronts, be it product choice, service, customer experience or price.
The retailers that dominate and define this new age of retail will be the ones for whom change and uncertainty represents a fresh opportunity to thrive. Understanding the constantly changing consumer and market landscapes will be key, as will be a willingness to embrace innovations and invest to benefit retailers and customers now and in the years to come. That future of retail is here and now.
Are you ready for the Future of Retail? Find out more about how to navigate the Future of Retail in our report.
Please share your thoughts in the comments below or email me at James.Llewellyn@gfk.com.
It’s time to move beyond impressions, sessions and searches in programmatic advertising and put people back into data.
GfK’s Connected Consumer Index provides a single measure covering how much, and on what devices, consumers in each of 78 countries and 8 world regions digitally connect with each other and with digital content.
How strongly does the online population in each of 22 countries agree or disagree with the statement “I want to enjoy life today and will worry about savings and investments later”?
Which European markets offer the most potential for online sales of technical consumer goods? Download the infographic below and find out
Imagine if you could peer through the shop window at the world’s shoppers, observing their behavior and asking their opinion of how they buy today, and what they expect of retail tomorrow.