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  • Beyond Point of Sale Data:  Which consumer needs trigger the start of the purchase cycle?
    • 10/30/18
    • Retail
    • Technology
    • Consumer Goods
    • Global
    • English

    Beyond Point of Sale Data: Which consumer needs trigger the start of the purchase cycle?

    Key insight: UK consumers replace tech products long before they’re broken or obsolete

    Point of sale (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 by understanding who the purchasers are, how and why they make their buying decisions, and answer questions like:

    • 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?

    This is the level of high-impact insight you can get from the GfK Consumer Journey module of the Consumer Insights Engine – 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.

    Over this series of blog posts, I’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. We’re looking at how customers in the UK start on the road to buy a new television in this first post in the series.

    Let’s start by considering the purchase triggers for television shoppers in the UK.

    Most UK television purchase journeys begin because customers want to upgrade their TV or buy an extra unit for the home, not because they’re replacing a faulty product. By contrast, in Germany, more than half of new TV purchases replace a broken product. What’s more, some 12% of UK TV purchasers are acquiring a new television to replace one that is two years old or newer.

     

    Interestingly, this dynamic is present in other segments of the UK consumer durables and tech market. Some 12% of new dishwasher purchases and 10% of washing machine purchases replace functional products that are not older than two years. Clearly, the typical UK consumer is proactive and ready to seek a newer and better product long before the existing one breaks or becomes obsolete.

    As we can we see from this data, major tech and durable purchases no longer necessarily have a long lifespan in the UK 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:

     

    In the markets we track, UK TV purchasers are among those that are most receptive to inspiration from marketing materials, even when they are not actively seeking to replace a product. This opportunity is nearly as large as the market of consumers who buy a new TV because they are dissatisfied with their current model. Brands should not ignore this.

    The effect is especially strong with people aged 25 to 34; some 34% in this group are spurred to upgrade by stimuli such as advertising. To make this insight actionable, we need to get more specific. For instance, we might want to know which touchpoints are best for reaching 25 to 29-year-old consumers who might be persuaded to upgrade to a 4K 65-inch television.

    Among UK shoppers looking to upgrade TVs rather than replace faulty units, 43% reported that in-store displays are their biggest inspiration. This indicates that even in a digital age, you still need a presence in the high street.

    Using the Consumer Journey solution, we could quickly identify several key insights that any player in this category can act on, including:

    • Around 10% of UK consumers are highly proactive, and ready to actively replace products within two years.

    • Consumers can be inspired to upgrade by strong above-the-line marketing.

    • When purchasing a new TV, brick-and-mortar stores are still a dominant influence in the decision-making process.

    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 touchpoints consumers interact with when they are looking for a new TV and which are most influential.

    In the meantime, try our online Consumer Journey demo to discover how we can help your business to make faster, smarter decisions.

    Note: *In the US, GfK does not have access to Point of Sale 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.

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    Note: *In the US, GfK does not have access to Point of Sale 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.

     

     

  • Europeans have around €355 more per person in 2018
    • 10/30/18
    • Press
    • Global
    • English

    Europeans have around €355 more per person in 2018

    GfK Purchasing Power Europe 2018 now available.

  • GfK releases updated maps for all of Europe
    • 10/29/18
    • Fashion and Lifestyle
    • Financial Services
    • Industrial Goods
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • Energy
    • Geomarketing
    • Geodata
    • Digital Maps
    • Digital Maps
    • Global
    • English

    GfK releases updated maps for all of Europe

    GfK has released its Europe Map Edition 2018/2019, which includes thousands of changes to Europe's regions.

  • Consumer climate in Germany remains stable
    • 10/26/18
    • Global
    • English

    Consumer climate in Germany remains stable

    Findings of the GfK Consumer Climate Study for October 2018

  • Map of the Month: Purchasing power for new automobiles, Germany 2018
    • 10/18/18
    • Automotive
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Purchasing power for new automobiles, Germany 2018

    GfK's Map of the Month for October illustrates the distribution of 2018 purchasing power for new automobiles in Germany.

  • Olivier-Thomas Wade joins GfK as Vice President Global Retail Management
    • 10/12/18
    • Retail
    • Global
    • English

    Olivier-Thomas Wade joins GfK as Vice President Global Retail Management

    GfK SE appoints Olivier-Thomas Wade as Vice President Global Retail Management effective October 15, 2018.

  • Back-To-School – revenue growth, despite delayed sales
    • 10/05/18
    • Retail
    • Global
    • English

    Back-To-School – revenue growth, despite delayed sales

    Back-to-school’ has shown growth, due to price increases and despite a drop in larger packs.

    This years’ Back-To-School (BTS) extravaganza has perhaps not been quite so extravagant, according to our snapshot look at the Writing category in our Weekly tracker – but it is showing growth.

    Sales appear to have been left to the last minute, with weeks 35 and 36 (straddling September) both remaining the key active time for parents to fill those school bags. However, these weeks did not attain the same lofty heights in sales terms as they did in 2017, leaving us with some unseasonal summer blues over this typically strong sales period.

    Why? I hear you ask. If we look at weeks 29-38 this year compared to last year, the topline figure of +2.3% growth in value does appear pretty positive. However, the driver behind this is down to price increases. Average prices across the Writing segment of the stationery market have grown 5.8% over the same time period, which appears to be aligned to wider economic trends observed this year.

    The knock-on effect of this is that smaller pack sizes are winning out, and we see lower sales for large pack products like colouring pencils and colouring felt pens, writing felt pens and markers which are carrying higher price points. Each of these categories has really struggled for growth, with the volume of market sales declining 3.1%.

    However, let’s not be too glum from this one snapshot from our weekly indicator – because there is bright news, including within this Writing category of stationery.

    Traditional categories like Ballpoint pens, Correction Products and Highlighters are all in growth. The fact that these categories include price increases (for example – a standard 10 pack of ballpoint pens is on average 7% more expensive this year than last) shows that traditional stationery is still important for schooling, despite indications that more children may well be using digital means to support their educational development.

    Looking at writing instruments, a noteworthy trend is the continued sales of stationery or writing sets. Stationery sets are seemingly a reasonable choice for savvy and budget-conscious parents who are looking to buy multiple items in one go. With a large number of these sets released in early July (around 200) it seems that offers that make it easier for parents to find and buy the various products that are required by their children for school is going to be the goal-post by which BTS is now measured.

    In conclusion: while this year’s sales paints a picture of a more subdued BTS than before, there is growth, and there are clear areas where the industry can focus on continuing to deliver value and overall revenue to the category.

  • German Consumer Climate looking sunny
    • 09/27/18
    • Press
    • Global
    • English

    German Consumer Climate looking sunny

    In September, the consumer climate in Germany has, by and large, seen positive developments. Both economic and income expectations are on the rise, whilst propensity to buy has taken a slight hit.

  • Go beyond point of sales data: Get inside the mind of consumers
    • 09/25/18
    • Press
    • Global
    • English

    Go beyond point of sales data: Get inside the mind of consumers

    GfK has launched its Consumer Journey module of the Consumer Insights Engine, the first solution to provide a true market view of the online and offline consumer purchase journey for the technology and consumer durables industries.

  • Premium products propping up global photography market
    • 09/24/18
    • Press
    • Global
    • English

    Premium products propping up global photography market

    These are GfK's findings for the global photography market to be released at photokina 2018 in Cologne, Germany.

  • Map of the Month: Purchasing power for watches and jewelry, Italy 2017
    • 09/20/18
    • Financial Services
    • Retail
    • Consumer Goods
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Purchasing power for watches and jewelry, Italy 2017

    GfK's Map of the Month for September illustrates the distribution of 2017 purchasing power for watches and jewelry across Italy's provinces.

  • Join us at Digital Tech Summit & Hackathon 2018 in Nuremberg
    • 09/20/18
    • Global
    • English

    10/19/18 - 10/21/18
    Join us at Digital Tech Summit & Hackathon 2018 in Nuremberg

    We are very happy to participate as one of the main sponsors in the Digital Tech Summit 2018, an exciting 3-Day Tech Summit incl. 2-Day Hackathon!