December 29, 2020
2020 has been an unprecedented year for everyone, including the market research industry. With coronavirus accelerating digital transformation, influencing consumer behaviors, and restricting in-person data collection, the insights and analytics industry has spent the year adjusting to the new normal. Though we faced many unpredictable challenges in 2020, this year showed us what it means to be agile and resilient. As we turn the page to 2021, here are Eyes4Research’s 5 MRX trend predictions for the upcoming year.
The growth of remote research practices will follow into 2021. For one, researchers will continue to utilize remote focus groups for qualitative insights. Moving these traditionally in-person discussions to an online platform eliminates geographical barriers when selecting respondents, simplifying the research process for MRX professionals. The emergence of gamification tools in online research may also increase response rates for higher quality insights. In addition, mobile-friendly surveys will also remain popular in 2021, making it easier than ever to reach respondents wherever they may be. Mobile research platforms have many benefits, including faster data collection, improved data accuracy, increased respondent pool size, and cost-effectiveness.
2. Artificial Intelligence
Technological advancements in market research will continue to transform the way MRX professionals collect and analyze data. Going into 2021, researchers will continue to utilize artificial intelligence to generate insights more efficiently by analyzing complex data in real-time. There are several benefits to using AI in market research initiatives. For one, artificial intelligence can process large amounts of unstructured data, helping researchers analyze quantitative results more efficiently. This technology can also predict behavior, assisting researchers with community management by keeping members engaged. In addition, artificial intelligence removes human bias, improving data accuracy. Finally, AI can be used to measure qualitative data we never thought possible, such as consumer emotions and attention through facial recognition technologies. These are just a few of AI’s many capabilities that will transform the market research industry in 2021 and beyond.
3. DIY Market Research
For many businesses, the pandemic has resulted in budget cuts. As a result, many organizations will turn towards DIY market research tools in the new year for a low-cost solution. According to Greenbook, 47% of market researchers plan to increase their use of DIY research solutions in 2021. Through DIY research platforms, teams have the autonomy to control every aspect of their study from the sample size, question design, and deployment methods. In-house research solutions will provide businesses with the consumer insights they need to stay afloat amidst the pandemic.
4. Social Listening
Social media is changing the landscape of ethnographic research, providing brands a glimpse into consumer sentiments for decision making. These platforms may become a useful tool in 2021 to uncover and isolate crucial data points for ongoing customer-centric strategies. As consumer behavior continues to shifts rapidly amidst the pandemic, it remains imperative for businesses to fully understand the motives and trends influencing their target audience. Social listening methods identify behavioral trends to fully understand how consumers connect with their brand, helping businesses attain success in the new year.
5. Agile Research
As we enter 2021, market researchers will need to adapt quickly and efficiently to changing consumer behaviors. With this, 2021 will bring a high demand for agile research to collect business insights more quickly than traditional methods. This coincides with the rising popularity of DIY research software and AI for streamlining decision making. With many capabilities, including analyzing consumer behavior, brand performance, and testing products or concepts, agile research is a fast, cost-effective, and customer-centric approach to gain critical insights on consumer and industry trends.
Eyes4Research has all the tools you need to start 2021 off on the right path. Learn more about Eyes4Research’s enterprise of qualitative and quantitative research solutions at www.eyes4research.com.
December 21, 2020
2020 has turned the fitness industry on its head. With quarantines and state restrictions amidst the pandemic, many Americans have found themselves without a gym. With this, active consumers have adopted at-home and outdoor workout routines to maintain an active lifestyle while abiding by social distancing guidelines. Below, Eyes4Research dives into a few popular at-home fitness trends that are shaking up the industry.
Online Fitness Classes
As gyms shut down due to safety concerns, consumers have begun looking towards online fitness classes to stay in shape. Through virtual workouts, consumers have the flexibility to attend classes by themselves or with others from the comfort of their home through either live and pre-recorded sessions. According to Forbes, 73% of consumers use pre-recorded videos to workout, up 56% from 2019. Also, 85% are attending weekly Livestream classes, a 78% increase since last year. The rapid influx of people participating in at-home workouts has led to a spike in the home gym equipment market, which is expected to reach revenues of USD 31 billion by 2025, growing at a CAGR of 8.5% between 2019-2025, as stated by Arizton Advisory and Intelligence. Drivers of this growth include advancements in equipment technology, the continuous growth of e-commerce, and brand licensing.
Smart gym equipment from Peloton, Tempo, Mirror, and Tonal have seen surges in sales amongst consumers who prefer fitness classes and guided workouts. These pieces of equipment provide workout classes through a monthly subscription at the cost of a gym membership. Through intuitive digital interfaces, users can virtually join workout classes with a trainer in real-time. This provides consumers all of the elements of a fitness class without visiting the gym. For those wanting a virtual workout class without needing new equipment, many personal trainers and gyms have implemented on-demand virtual workout classes, providing members and clients real-time programs from their computers. For those who prefer pre-recorded workouts, sites such as YouTube, ClassPass, and Obe, contain hundreds of videos, giving consumers the freedom to choose their workout regime. According to Mindbody, the most popular way to find online workouts is through social media profiles or websites of local gyms and fitness studios. By offering virtual classes, studios, and fitness centers have an opportunity to find new members who they can recruit into in-class clients as restrictions begin to lift.
Outdoor Sports and Recreation
From April to June of 2020, Americans flocked towards outdoor recreational activities, with running, cycling, and hiking being amongst the most popular, according to the Outdoor Industry Association. According to NPD, sales of sports equipment in June of 2020 skyrocketed, with bicycle sales increasing 63%, paddle sports sales growing 56%, and golf equipment sales going up by 51% compared to 2019. For 2020 as a whole, the sports and outdoor fitness industry is projected to reach more than USD 21 million, increasing 26% from the previous year with a projected CAGR of 8.1% from 2020-2021, as stated by Statista. Sales of outdoor sports equipment will continue to grow, carrying over to winter sports as consumers continue to look for ways to occupy themselves during the pandemic.
The Future of Fitness
The at-home fitness craze shows no signs of slowing down. According to a survey by Beachbody on 1000 adults who exercise regularly, 87% said they will continue working out from home even after they feel comfortable enough to return to the gym. 85% of these respondents also agreed that there are convenience and accessibility benefits to at-home workouts that they can’t get working out in a gym. For those who decide to return to in-person fitness classes, one can expect increased gym health standards aimed to limit direct contact with other gym-goers and promote the regular sanitation of equipment and communal areas. In a year where health has been at the forefront of everyone’s mind, the pandemic has provided a myriad of new fitness solutions to live an active, healthy lifestyle from the comfort of home.
December 15, 2020
Market research is an exceptional tool for understanding customers, developing strategies, and improving sales efforts. When done correctly, researchers can collect insights used for impactful decision making, helping businesses reach their objectives while stimulating growth. Despite its potential, one misstep may compromise the quality and effectiveness of data. Here are 5 of the most common market research mistakes and how to avoid them for exceptional results every time
1. Poor Sampling
Impactful data starts with sample quality. There are two kinds of sampling errors many researchers make when conducting a study; sampling and non-sampling. Sampling errors occur due to issues in sample size and representation. Researchers often compromise their data through insufficient sample sizes and population specification errors. This leads to the misrepresentation of specific attributes such as age, gender, income, and geographic location. Non-sampling errors derive from issues with selection, sampling frame, and non-response errors, affecting the accuracy and credibility of a research initiative. Errors result from selecting samples from the wrong sub-population, allowing respondents to self-select their participation, and having a disproportionate amount of participation from respondents with differing characteristics. For example, having more existing customers respond than potential customers.
Many sampling errors result from a lack of knowledge of best practices, leading to errors in design and methodology execution. By using an online sample size calculator or consulting with a research solutions expert, such as those at Eyes4Research, researchers can determine the sample size needed for an accurate representation of their target audience. Researchers should also analyze questions and objectives before finding participants to prevent errors in population specification. Implementing proper survey distribution and follow-up methods can also prevent selection and non-response errors from hurting data quality.
2. Not Knowing What You’re Looking For
Maintaining a clear objective throughout a research initiative remains crucial in collecting meaningful and impactful data. With this, a lack of focus and direction may result in using the wrong methodologies, asking the wrong questions, or recruiting the wrong participants. Unclear research goals may also deter stakeholders from signing off on an initiative due to a lack of understanding. To prevent this, researchers should write out objectives using action verbs and operational terms. By clearly defining the purpose of the initiative, researchers can develop effective methods of deployment to align efforts with overall business goals.
3. Poorly Designed Question/Scales
Question design and measurement scales remain an essential part of collecting accurate and easy-to-interpret insights. Without taking into account best practices, researchers may find themselves sifting through irrelevant and unusable data. Common questionnaire design errors include making questions excessively long and complicated, asking too many questions, inaccurate response options, providing too large or too small of a scale, assuming prior knowledge, and poorly routed survey designs. In addition to the survey layout design, the wording of questions impacts the quality of the data collected. Asking double-barrel, leading, or loaded questions influences participant’s answers, producing inaccurate results ill-suited for decision making.
To avoid errors in question/scale design, ask yourself these questions:
4. Confirmation Bias
The inclination of people to interpret data as it pertains to their personal beliefs or values may hinder the accuracy of a research initiative. Confirmation bias remains hard to identify, as these actions are carried out on a subconscious level. With a biased selection and interpretation of evidence, researchers may discount data that contradicts their beliefs, negatively affecting the credibility of the study. Respondents may also fall victim to confirmation bias when answering questions, resulting in a biased recall, interpretation, and favoring of information.
To reduce confirmation bias, researchers and respondents must first develop an awareness of the preconceived notion. Once identified, one must decide whether or not to take action to reduce the bias. With this, the researcher or subject must analyze the inner workings of their bias. This analysis may include how, where, why, and when bias becomes prevalent. This information allows one to choose the best approach to reduce their bias. Debiasing techniques for both respondents and researchers include focusing on finding the right answer rather than proving a belief. Approaching questions logically rather than emotionally also promotes a subjective approach to develop and answer questions. Also, asking respondents to explain their reasoning makes it easy for researchers to identify hidden bias in studies. Finally, avoiding forming a hypothesis prematurely further reduces personal bias for both researchers and respondents. Though bias remains an unavoidable factor when conducting research, many debiasing approaches can help maintain the integrity of data for accurate results.
5. Hard to Interpret Results
Without easily digestible results, making decisions based on data becomes virtually impossible. Two common mistakes researchers make when presenting results are overly vague reports or reports packed full of unimportant data. These presentations of data make it hard to identify the relationship between research results and business objectives. When organizing results, creating a narrative may help researchers determine what information is most applicable to the overall research objective. Delivering insights through data storytelling not only keeps audiences engaged but helps researchers organize data points in a way that promotes actionable insights.
December 4, 2020
Blog Published on www.eyes4research.com
Over the past decade, electric vehicles have become increasingly common, accounting for a number of cars, buses, and trucks on the road today. From battery electric vehicles, plug-in hybrids, and fuel cell cars, EV’s are more economical than internal-combustion transportation, saving consumer’s money on fuel and requiring less maintenance. According to BloombergNEF’s long-term forecast, EVs will make up 58% of all new passenger vehicle sales around the world by 2040. With 13 countries introducing plans to phase out internal-combustion vehicles, a zero-emission future may be closer than we think.
Pros and Cons of Electric Vehicles
Electric vehicles are becoming more affordable to consumers, as new emissions regulations in Europe and China have increased EV-model launches causing automakers to lower prices to stay competitive. According to Mckinsey & Company, about 450 new electric vehicle models will be launched through 2022, resulting in the localization of production and increasing the sales of new and existing models.
2. Better for the Environment
Electric Vehicles produce fewer emissions compared to internal combustion vehicles, helping reduce greenhouse gases for better air quality. According to CarbonBrief, lifecycle EV emissions were around 3 times lower than the conventional car in 2019. The use of a power grid to charge electric vehicles also promotes clean energy, reducing the need for fossil fuels and creating a sustainable transportation alternative.
3. Save Money on Fuel and Maintenance
Electric cars help consumers save thousands of dollars a year by eliminating the need for gasoline. With this, EV owners get double the mileage per dollar, paying around $1 for every 36 miles driven, as stated by EnergySage. The cost of charging varies by state and country, averaging 12.7 cents per kilowatt-hour in the United States, according to Edmunds. In addition to saving money on fuel, electric vehicles do not require the maintenance of a gas engine such as oil and spark plug changes, reducing the overall cost of repairs. EVs also utilize a regenerative braking system, lasting much longer than brakes in traditional vehicles.
Though electric vehicles are becoming mainstream, charging stations are not available everywhere, making it difficult to travel outside of urban areas where EVs are most common. This factor deters many consumers from purchasing an electric vehicle, as their location may not have charging stations, making electronic vehicles impractical.
2. Shorter Range
Despite paying less per mile, electric vehicles only get around 60-100 miles per full charge. With this, EVs are not suitable for long trips such as commutes or cross-country travel causing many consumers to choose a traditional vehicle to fit their travel needs.
3. Charging Takes Time
Unlike filling up a tank with gas, recharging an electric vehicle can take hours. Depending on the type of EV, charging can take anywhere from 4 hours to a full day to complete. At-home charging kits can help consumers cut charging times, but are expensive.
As the electric vehicle market continues to expand, several factors remain critical to its growth. For one, fuel economy regulations are forcing automakers to lower emissions as an attempt to curb climate change. With this, large fleet operators and automakers are investing in electrification, as companies adapt to new policy requirements. In addition to environmental policies, electric vehicle technologies continue to improve making EVs more practical for consumers. With decreased charging times, more charging stations, and a rise in market competition, electric vehicles are becoming more reliable and financially attainable. Though it may take years to phase out traditional vehicles, the future of transportation is most certainly electric. 1
December 3, 2020
What is CBD?
Cannabidiol, also known as CBD, is a non-intoxicating, non-addictive compound found in cannabis plants with numerous health benefits for both humans and pets. Unlike THC, CBD does not produce the psychoactive side effects, giving users a myriad of therapeutic benefits without the high. As an alternative to pharmaceuticals, CBD helps manage chronic pain, reduces anxiety, depression, inflammation, seizures, spasms, and cancer-related symptoms. CBD comes in a variety of products ranging from oils, tinctures and creams to beverages, skin patches, edibles, and vapes.
CBD On the Rise
With a wide variety of products for consumers to choose from, the CBD industry continues to grow and is expected to increase by $3.52 billion between 2020-2024. Currently, there are over 1000 brands of marijuana-derived and hemp-derived CBD products on the market in the United States, with 60% of sales online and the rest in smoke shops, mass-market retailers, pharmaceutical stores, and specialty retailers. Below is more insight into the growth of popular CBD products and their appeal to cannabidiol users.
From baked goods to infused energy drinks, the market for cannabidiol-infused edibles continues to expand as users find new, delicious ways to consume CBD. In a survey conducted by Consumer Reports, infused foods, drinks, and gummies remain the most popular methods of CBD consumption amongst consumers. Though CBD edibles are not approved by the FDA, these products are sold across the United States, and sales are expected to reach $4.1 billion by 2022. CBD-infused drinks are especially popular and predicted to increase to $1.4 billion by 2023, according to research released by Zenith Global. With a wide variety of both alcoholic and non-alcoholic infused beverages, CBD drinks are predicted to make up 20% of the overall cannabis edible market by 2022.
2. CBD Vapes
Consuming CBD through vape pens has become increasingly popular with around 20 million people in the U.S. claiming to vape CBD, according to Consumer Reports. CBD vapes have been on the rise for years, growing 105% between 2017-2018. Many consumers prefer vaping amongst other methods of consumption due to its high level of bioavailability, or the amount that is absorbed into the bloodstream. For this reason, vaping remains one of the most effective CBD consumption methods with 34-46% bioavailability versus only 4-20% through oral consumption. This allows users to get the same results while using less product, thus helping to minimize the amount of CBD oil refills. With a wide variety of pens and oil concentrations to choose from, consumers get the chance to customize their vaping experience to best fit their lifestyle, whether it be reducing anxiety, managing pain, or improving one’s overall mental state.
3. CBD Oils and Tinctures
For those who dislike vaping and edible consumption methods, CBD oils and tinctures provide a simple, fast-acting solution for consumption. Taken by a dropper placed under the tongue, CBD is absorbed into the user’s body within minutes, much quicker than with other methods such as edibles that may take up to 2 hours. According to Forbes, 44% of users prefer oils and tinctures to other consumption methods, making these products extremely popular amongst CBD users. With that said, the CBD Oil Market is predicted to grow at a rate of 31.9% from 2020 to 2027, as many consumers turn to oils and tinctures instead of OTC and Rx drugs.
4. CBD Pet Products
CBD products made for domesticated animals such as dogs, cats, and horses remain one of the fastest-growing sectors of the cannabidiol market. According to a study conducted by Nielsen, pet product sales at regulated adult-use cannabis retailers in Colorado, Nevada, Washington, and California make over $9.4 million combined. By 2022, CBD pet product sales are projected to reach $125 million. With treats, tinctures, and oils, CBD provides similar benefits to animals as it does for humans, helping to reduce anxiety, seizures, and joint pain.
The Future of CBD
As the availability of CBD continues to expand, there are still many factors that must be considered. For one, the quality of CBD within the market remains questionable, as 70% of products are mislabeled due to lack of FDA regulations. As of 2020, the FDA has only approved the CBD prescription drug Epidiolex, leaving all other CBD-infused items without consumer standards. In addition, there is a lack of medical testing done on CBD products resulting in unsupported claims about the substance’s benefits. Despite these hurdles, the future of CBD looks promising, as the industry takes steps towards stricter quality standards and increased medical testing to help CBD to expand globally while demand and sales skyrocket. With more retailers entering the market along with the acquisition of smaller cannabidiol retailers, it seems as though CBD is here to stay.
December 2, 2020
Plant-based dairy alternatives have surged in popularity, with a growth rate of 17.2% going into October of 2020. With soy, hemp, almond, oat, coconut, cashew, and rice milk among the most in-demand alternatives, consumers are ditching dairy for healthier, more sustainable food and beverage alternatives. From coffee creamers, yogurt, cheeses, ice cream, and more, adopting a dairy-free lifestyle has never been easier. This growth is set to continue over the next decade as Global Market Insights predicts the plant milk market to achieve over an 11% CAGR from 2020 to 2026, bringing the market value to USD 21 billion. So what exactly spawned the popularity of plant-based milk, and what does the future hold for this market?
The growing demand for milk alternatives correlates with a rise in veganism. Plant-based diets have increased by 300% in the last 15 years, as more than 9.6 million Americans identify as vegan in 2019, according to a study by Ipsos. Veganism’s popularity may spawn from concerns over the environment, animal welfare, health benefits, and even taste. The appeal of plant-based foods is not limited to vegans. More than 40% of North American consumers are incorporating more vegan ingredients into their diets, as stated by Health Careers.
2. Health Benefits
Plant-based products have a myriad of health benefits, appealing to vegans and non-vegans alike. In an IFIC Food and Health Survey, 43% of surveyed consumers claim that a product with a description of plant-based would likely be the healthiest compared to other options. With milk alternatives having fewer calories and less fat than cow milk, many consumers have made the switch to aid weight loss. With no inflammatory ingredients, lactose, or carcinogenic hormones, plant-based milk products are easier to digest with minimal health effects. In terms of nutrients, dairy alternatives are rich with protein, fatty acids, and minerals to support a healthy body. With rising levels of lactose intolerance and milk allergies, plant-based alternative products allow consumers to enjoy a wider variety of foods without fear of a reaction. With several options to choose from, there is a non-dairy alternative to satisfy every taste and nutritional preference.
3. Environment/Animal Welfare
Concerns over the environmental impact of the dairy industry and animal welfare have also reduced milk consumption. Though all milk alternatives have different effects on the environment, non-dairy milk significantly reduces emissions, land use, and water use. The resources needed to sustain dairy farms such as animal feed and pastures use substantial amounts of energy and are harmful to the environment. According to the BBC, 58% of greenhouse gas emissions come from animal products. Cows, in general, produce large amounts of methane, further emitting greenhouse gases into the atmosphere. Plant-based milk requires fewer resources to make, providing consumers with a greener alternative.
Increased ethical concerns amongst consumers regarding the inhumane treatment of dairy cows has also decreased milk consumption. With poor animal living conditions on factory farms, including limited grazing, premature slaughter, and increased physical issues of cows, many consumers have turned to plant-based options in support of animal welfare. In a survey conducted by Statista, 41% of consumers believe that plant-based milk is more humanely produced than traditional dairy.
Drawbacks of Alternatives
Despite its rapid growth, plant-based milk alternatives face many challenges. For one, non-dairy products tend to cost more than traditional dairy. According to the New York Post, almond and soy milk cost almost twice as much as cow’s milk, with oat milk costing 2.5 times as much. Price volatility remains one of the most prevalent issues in the plant-based alternatives market. The lack of available raw materials and high turnover tax rates result in higher production costs compared to cow’s milk, driving up prices.
Another issue in the plant-based milk alternative market stems from its lack of nutrients. With the varying nutritional profiles of plant-based milk, not all products have fewer calories or comparable vitamins, minerals, and protein to cow’s milk. Added flavoring and sweeteners to plant-based dairy products may also decrease its nutritional value. In addition to consumer concerns with nutritional value, plant-based milk alternatives risk cross-contamination when produced or served alongside non-vegan products.
What the Future Holds
Increasing awareness and product innovation will continue to drive the non-dairy craze in the food and beverage industry. Plant-based milk is on track to dominate the market. In 2019, plant milk made up 14% of the entire milk category, growing at a rate of 5%, compared to .1% for cow’s milk, according to the Plant-Based Foods Association. As more businesses harness the popularity of plant milk in their products, the market will continue to expand, providing consumers with alternatives to the foods and beverages they love.