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    • 04/17/19
    • Retail
    • Consumer Goods
    • Global
    • English

    What triggers the consumer journey in India?

    What is POS?

    Point of Sales (POS) data tells you what consumers buy as well as when and where they make their purchase. When you calibrate this data with actionable consumer insights, you can maximize its potential in the consumer journey by understanding who the purchasers are, how and why they make their buying decisions.

    What is the Consumer Journey?

    With the GfK Consumer Journey module of the Consumer Insights Engine, you can generate high-impact insights that answer questions which include:
    • What triggers a consumers’ need to purchase?
    • What proportion of consumers are upgrading a working product and what proportion are replacing a faulty product?
    • Which marketing channels are consumers receptive to at this early stage of the purchase journey?
    The Consumer Journey module of the CIE is the only solution that provides a full view of the online and offline consumer purchase journey for the technology and consumer durables industries. Our solution takes you beyond POS* by combining sales data with market research, online consumer behavior data, and advanced analytics in a single interface. Note: *In the US, GfK does not have access to Point of Sales (POS) data. US data is calibrated using information gathered from a telephone survey based on probability-based sample representative of both mobile phones and landlines. No retailer data is used in the development of the US offering. In this series of blog posts, we’ll look at practical examples of how this new solution brings brands closer to their customers, allowing them to understand the story of a customer’s purchase from the realization of a need up to early usage. In this first post of the series, we’ll dive into how customers in India begin to buy a new television.

    What are the purchase triggers for television shoppers in India?

    Although replacing a faulty product is the key reason for over one in three (33%) consumers in India, a quarter of purchases (25%) are triggered by the desire to buy an extra unit for the home, while one in five (21%) of television purchase journeys in India begin because consumers want to upgrade their TV. The remaining 21% are accounted as first time TV buyers. Similar to a study done in the UK, it’s evident that a certain percentage of Indian consumers are considerably proactive and ready to seek a newer and better product even before the existing one breaks or becomes obsolete (3% bought TV within a year of purchasing a previous one while another 12% had purchased their last TV in the past 1-2 years = so 15% purchased a TV within 2 years of purchasing the previous one). As we can we see from this data, major tech and durable purchases no longer necessarily have a long lifespan in the Indian consumer’s home. To capitalize, brands need to dig deeper to understand which consumers are happy to replace large appliances at regular intervals and the factors that prompt them to make a new purchase:   Half of the TV shoppers replaced an existing non-faulty product due to a change in personal income or circumstances—which is much higher than what we see in many other markets we track. This opportunity is much larger than the market of consumers who buy a new TV because they are dissatisfied with their current model. Brands should not ignore this. However, it is also worth highlighting that 23% of shoppers are brand loyal, while the majority prefers to try new brands. Customers who are 55 years or older are most loyal to the existing brand they use. While making their purchase decision, over half (52%) of all shoppers visited a retail store to physically evaluate their different options of TV sets, even though a higher level of 54% conducted their research online. Clearly, even in today’s digital world, the in-store experience has a significant role to play in decision making. In India, one-third of all offline sales were through four key retailers. Therefore, it is crucial that brands are partnering with the right retailers. Insights from our Consumer Journey module of the Consumer Insights Engine also reveal that while doing online research, chances of TV shoppers buying a particular brand increase substantially if they visit the manufacturer website.

    Key insights

    Using the Consumer Journey solution, we could quickly identify several key insights that any player in this category can act on, including:
    • Around 15% of Indian consumers are highly proactive and ready to actively replace products within two years.
    • When purchasing a new TV, brick-and-mortar stores are still a dominant influence in the decision-making process.
    • The drop from consideration to purchase varies significantly across brands – some brands lose as high as 80% of their potential customers, while some are able to retain 50% of the customers who initially considered their brand.
    These insights can be distributed to the relevant business functions to inform tactical and strategic planning processes where they can make a difference to category performance. My next blog will drill deeper into which specific touch points consumers interact with when they are looking for a new TV and which are most influential. In the meantime, check out our Consumer Journey demo to discover how we can help your business to make faster, smarter decisions. hbspt.cta.load(2405078, 'bdc06d9c-1166-4308-a3b6-f401d1c1314b', {});
    • 04/16/19
    • Consumer Goods
    • Global
    • English

    How Key Account Data helps you win at MediaSaturn

    Key Account Data enhances POS reporting

    We recently announced a partnership with the Media-Saturn-Holding (MSH) to integrate their sell-out data into our Point of Sales (POS) reporting for all 14 countries in which they operate. This is a significant enhancement to our Key Account Data Reporting (KADR) as it offers our manufacturer clients access to the complete sales data for one of the biggest retailers in Europe.

    Gain a competitive advantage with Key Account Data

    The goal of these partnerships on account level is to provide the common information framework that manufacturers and retailers of technical consumer goods need to compete in today’s increasingly complex environment. With KADR manufacturers can access the same sell-out data as the retailer, allowing both parties to work together as equally informed players to engage effectively in joint category management, co-create strategies, gain efficiencies and agree on growth opportunities. KADR integrates individually named retailer data in our standard POS reporting. It covers all brands and items listed by a retailer and includes a panel market benchmark too. This information empowers both parties to speak the same language and to focus on their joint priorities: Meeting the needs of their customers, improving their shopping experience and, ultimately, driving growth. This is crucial in a sector where shoppers are less loyal, less engaged, and constantly on the lookout for value.  

    Speaking the same language

    With KADR, we want to help answer key business questions our clients have about their competitive retail performance such as:
    • How do we perform versus our main competitors at the retailer?
    • Are there opportunities to build sales with the retailer?
    • Which segments are growing, and which are declining at the retailer?
    • How can I help the retailer to fill gaps and grow at the same rate as the market?
    KADR provides actionable insights that our clients use for day-to-day tactical decision-making to gain a competitive edge at a retailer and strengthen their trade relationship.

    Three major functions benefit most from this account-level intelligence:

    1. Key account sales managers often lack reliable insights into their competitive position at an individual retailer. To meet their targets, they need to get the right products promoted and listed at key retailers and outperform their competition. KADR provides full transparency of their own and competitors’ position by product life cycle, range of offer, distribution and pricing policy. Based on this, they can analyse own strengths and weaknesses at the retailer and assess potential risks and opportunities versus the competition.
    2. Category Managers are tasked with identifying growth potential with the retailer and understanding how to build sales, to develop programs to help the retailer fill gaps, and to influence range and merchandising plans at category reviews. KADR offers them a common data currency to aid effective category management. They can benchmark the sales performance of a category at the retailer versus the total panel market or a specific distribution channel and identifying and qualifying market opportunities.
    3. Trade Marketing Managers often lack reliable insights into the impact of promotional activities on their own and competitors’ sales. They need to know how to invest promotional spend most effectively: Which in-store promotions work best? What is the ideal promotional schedule? How to win more shelf space? KADR helps them track the sales success of a specific sales promotion at a retailer on single item level and compare sales results to the competition in order to optimize the trade spend.
     

    Working and growing together

    Key Account Data Reporting facilitates effective trade relationships in three fundamental ways – and the addition of MediaMarkt data reinforces this:
    1. It offers a common currency for efficient category management as it provides consistent sales channel breakdowns and indisputable performance insights into category, segment, brands, and items.
    2. The reporting is simple, structured, actionable and comparable with regular POS data–perfect for busy teams.
    3. Users get the complete picture of the total market. They see not only how they perform at a retailer, but how their competitors do too. This is extremely powerful when negotiating with retailers.
    KADR is the starting point of effectively analyzing own and shared business performance and we believe it will transform the way manufacturers and retailers work and grow together. hbspt.cta.load(2405078, '225b5ca6-bd54-4391-a03e-4c733d9eb586', {});  

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    • 03/29/19
    • Financial Services
    • Retail
    • Geomarketing
    • Geodata
    • Global
    • English

    Map of the Month: GfK Retail Turnover, Germany 2019

    GfK's Map of the Month for March illustrates the forecasted 2019 regional distribution of brick-and-mortar retail turnover in Germany.
    • 03/29/19
    • Geomarketing
    • RegioGraph
    • Geodata
    • Global
    • English

    Recording: GfK webinar “RegioGraph 2019: New features”

    Watch the recording of our GfK webinar "RegioGraph 2019: New features".
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