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Smart insights: Technology

In today’s connected society, technology impacts all industries - driving opportunities and accelerating the speed of innovation.

To stay competitive, technology companies need to understand consumers’ evolving experiences and choices.

Our technology market research experts deliver smart insights to create engaging and relevant concept designs, product positioning, advertising and customer experiences. Our technology industry expertise spans IT and IT B2B, consumer electronics (CE), photo, office equipment and telecommunications market performance, consumer research and trends.

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    • 06/19/17
    • Retail
    • Technology
    • User Experience (UX)
    • Global
    • English

    Improving customer loyalty and retail experience through mobile payments

    Eight years ago, Starbucks developed its own app for mobile payments. Today, it’s still held up as the gold standard in the United States. In Asia’s rapidly developing market, where mobile payment is eight to nine years ahead of the West, things are quite different. In China, you can mobile pay for everything from a cab to a mojito or utility bill. In 2015, WeChat registered more financial transactions in one day than PayPal did during the entire 12 months. But it’s not just China that’s adopting the trend. Mobile payment is also making massive inroads in Southeast Asia as shopping apps are gaining popularity. In Singapore alone, there are 30,000 retail points accepting contactless payment methods such as Apple Pay, Android and Samsung Pay. In Indonesia, the most populous country in the region with 250 million people, most of the big traditional retailers are unveiling e-commerce plans of their own. In a recent GfK study: The Connected Asian Consumer, consumers in Singapore and Indonesia also reported fairly high usage incidence of shopping apps (37 and 35 percent respectively). This growth is fuelled by affordable smartphones, a massive young and tech-savvy population and efforts by governments and telco operators to expand and improve high-speed wireless networks. The future has never been clearer. It’s only a matter of time before mobile payment goes mainstream.

    The Connected Consumer

    Unfortunately for traditional retailers, the age of e-commerce has also produced a new consumer – we like to call them the ‘Connected Consumer’ – and their behaviors are shaping the future of retail. In the GfK 2016 FutureBuy survey of 20,000 consumers in 20 markets, it was found that shoppers are becoming less loyal to any one retailer. Almost half (46%) of all consumers (14-65 year olds) stated they were less loyal when shopping. This figure rises among the youngest consumers to 53% of Gen Y (18-29 years), and six in ten (58%) of Gen Z (14-17 years). For retailers who understand the Connected Consumer, there are opportunities to stay ahead of the competition – and mobile payments are a huge part of it.

    Customer loyalty

    Despite becoming less loyal, many Connected Consumers expect an omnichanel shopping experience when they interact with a brand. Connected Consumers in APAC seek the best of both worlds. For example, shoppers in China are the most likely to embrace omnichannel shopping – seven in 10 (71%) shop both online and in-store while Australian shoppers are the most likely to shun online: almost two thirds (62%) shop exclusively in-store. In contrast, Indians lead the way in online shopping with almost one quarter (23%) shopping the category exclusively online. Therefore it is important for retailers to understand the new reality of the omnichannel consumer, and know that the ‘whatever, whenever’ culture demands that user experience is seamless across all devices. If retailers don’t understand this, customers will simply delete their app and move on. We predict that mobile payment could halt the current trend for a decline in shopper loyalty. It makes sense, really. There are numerous benefits for shoppers: avoiding queues, centralizing loyalty rewards, checking stock, ordering ahead, enjoying customized offers and easy price comparison. At the same time, using customer and data analytics, retailers can receive customer data to offer more personalized services. In turn, this presents an opportunity to generate long-term relationships. However, it is important to note that not all Connected Consumers are the same. For example, older consumers aren’t as comfortable with sharing personal information as younger consumers. Understanding the shopper’s purchase journey is easier these days with research intelligence offering detailed information on the route shoppers take when making a purchase, and ways in which online and offline touchpoints influence their decisions. We believe that brands that understand, respect and protect consumers’ individual boundaries will deserve the loyalty they earn by doing so. As mobile payments continue to grow in APAC, businesses in various sectors such as financial services, cybersecurity and telco stand to gain and can evolve to support the changing landscape. For example, for telco operators, engaging with retail merchants and partners can help strengthen the overall service ecosystem to provide better end user experiences for consumers. Additionally, the design and development of payment services can also be integrated with other emerging technologies and competencies to offer differentiation to target audiences.

    Customer experiences

    Loyalty is great, but to really retain customers in today’s omnichannel space, shopping experience is equally important. To Connected Consumers, simplicity and convenience is paramount. Not only do they expect everything quickly, they also lose their patience faster.

    What does that mean for retailers?

    For large retailers, mobile payment offers the opportunity to segment and target consumers much more effectively with highly personalized offers and incentives. Discounts and offers can be integrated into mobile payment, replacing the need for physical coupons and entering information into a terminal. Connected Consumers will wave goodbye to the traditional checkout queue and benefit from a wealth of customized rewards. Mobile payment also offers a chance for small retailers to move into a new era of retailing. Freed from high transaction fees and with new ways to connect with consumers, small retailers can now embark on the kind of personalization and targeting that is usually the privilege of larger players. With e-commerce here to stay, there is plenty of potential for retail businesses to leverage research intelligence to adequately design and develop strategies to target this group of consumers. Essentially, the key to success is to fully understand shopper behavior and be led by what consumers ultimately want, without being blinded by what the technology can do. Karthik Venkatakrishnan is Regional Director at GfK. To share your thoughts, please email karthik.venkatakrishnan@gfk.com or leave a comment below.
    • 06/13/17
    • Press
    • Retail
    • Technology
    • Geomarketing
    • Geodata
    • Geo+RealEstate
    • Global
    • English

    European retail: Central and Eastern Europe gaining ground

    GfK has released a comprehensive analysis of the retail scene in 32 European countries. The study evaluates purchasing power, the retail share of private consumption, inflation and sales area productivity, and also includes a turnover prognosis for 2017. The study appears in the new edition of ACROSS Magazine and will be presented at the ICSC European Marketing Conference in Vienna.
    • 06/09/17
    • Retail
    • Technology
    • Point of Sales Analytics
    • Global
    • English

    Master the different elements of your media mix using store-level sales data

    In our free webinar, you'll learn how to juggle the different elements of the media mix and maximize their performance so that they deliver a greater return on investment.
    • 06/08/17
    • Retail
    • Technology
    • Point of Sales Analytics
    • Global
    • English

    Digital vs. non-digital advertising: Where should you be investing?

    In our video we can help you to understand which of your media are delivering the best ROI - and which to invest more in to drive higher returns. 
Solutions
  • Brand and Customer Experience (BaCE)

    Brand and Customer Experience (BaCE)

    Brands are under pressure to develop emotional connections and relationships with consumers and business decision makers.  Brands need to respond in-the-moment, to enrich the customer experience – and develop strategies that influence ”moments of truth” throughout individual brand journeys.  

  • Digital Market Intelligence (DMI)

    Digital Market Intelligence (DMI)

    When consumers shop, search, communicate, gather information and engage with companies or brands online, they behave differently depending on which device or screen they are using. They expect a consistent experience regardless of the channel or device they are using.

  • Point of Sales Tracking

    Point of Sales Tracking

    Retailers and manufacturers are under pressure to develop products and services that maximize sales and profit and to keep customers coming back.

    Success relies on having the most up-to-date sales data, combined with robust analysis to understand which products and services are performing well in the market – and which are not. With this information, clients can set clear strategies for commercial growth and increase return on investment.

  • User Experience (UX)

    User Experience (UX)

    Our user experience (UX) research and design experts help our clients create and improve customer experiences for existing or new products and services

    Today’s consumer is bombarded with promises for compelling experiences. They are sophisticated and demanding.  To be successful, a new product or service needs to be intuitive, usable, engaging and desirable. The user experience needs to be emotional in order to be memorable.

  • Market Opportunities and Innovation (MOI)

    Market Opportunities and Innovation (MOI)

    Brands are under constant pressure to maintain relevance in an increasingly crowded market. Identifying when, where and how to deliver compelling experiences that deliver new value for both consumers and brands is critical.

  • Trends & Forecasting

    Trends & Forecasting

    ​Today’s steady stream of new offerings and shortening product lifecycles place a unique pressure on businesses to stay ahead. Consumer purchasing behavior shifts more rapidly than ever.

  • Geomarketing

    Geomarketing

    Our geomarketing solutions and consultancy provide our clients with smart insights into location-specific factors that impact the success of business sites, shops, sales territories, target groups, as well as chain store and distribution networks.

  • Mystery Shopping

    Mystery Shopping

    Consumers face a complex array of brand touch points every day of their lives. To deliver a consistent brand experience, marketers need to know how consumers are actually experiencing their brand. Our mystery shoppers give you all the help you need to understand these experiences, and respond to them to maximize the return for your business.

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