September 29, 2023
Eyes4Research
The current business landscape is dynamic, and the key to building a successful brand lies in understanding audiences like never before. Market research has emerged as the guiding star for B2C and B2B businesses seeking to refine their branding strategies. There are 4 reasons why custom online panels are an invaluable tool in this process:
Custom Panels + Successful Branding Strategies
As mentioned above, custom online panels can supercharge B2C and B2B brands’ research initiatives. Here is how online panels help brands create winning brand strategies:
Market research, driven by custom online panels, is the compass that guides B2C and B2B businesses toward winning branding strategies. By understanding their audiences, staying ahead of the competition, and making data-driven decisions, companies can create a brand that thrives in a marketplace that is constantly evolving.
Read more about branding and market research on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 27, 2023
Eyes4Research
Moving from a concept that captured the imagination to reality, autonomous vehicles have taken the automotive industry by storm, promising a future of safer, more efficient transportation. However, this revolutionary technology also presents its fair share of challenges.
Here, we’ll outline the advantages that autonomous vehicles offer, the challenges for audiences, and how market research can guide the industry along this journey and help it stay ahead of this rapidly evolving landscape.
What is the Potential for Autonomous Vehicles?
The Concerns About Autonomous Vehicles
Leveraging Custom Online Panels For Informed Audience Insights
To stay ahead in the autonomous vehicle industry, decision-makers need access to up-to-date audience insights and opinions. This is where custom online panels from an experienced data collection agency like Eyes4Research come into play– here’s how these online panels can help the auto industry stay on top of audience preferences and insights.
The potential for autonomous vehicles is exciting, but the concerns surrounding this new technology are real. To navigate this complex landscape successfully, it is important to gain the insights needed to make informed decisions. Custom online panels, such as those managed by Eyes4Research, can be an invaluable tool for achieving these goals.
Read more about the automotive industry and technology on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from automobile owners. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 25, 2023
Eyes4Research
Market research is the compass that guides B2C and B2B businesses through the changing landscape of audience preferences and market dynamics. To fully harness the power of market research effectively, B2C and B2B businesses need to understand the research tools at their disposal. Two prominent options are Research Communities and Online Panels.
Understanding Research Communities
Research communities are engaging platforms that encourage ongoing interactions between researchers and participants. Think of research communities as the heartbeat of your research strategy, providing a space for in-depth insights. Here are some points to know about research communities:
Exploring Online Panels
Online panels, on the other hand, are similar to well-stocked libraries. They offer B2C and B2B businesses access to a wide range of respondents, allowing for quicker data collection. This is why online panels stand out:
The Crucial Differences Between Research Communities and Online Panels
At Eyes4Research, we understand the importance of tailored solutions to market research. That’s why we provide our B2C and B2B clients with access to custom online panels that combine the best aspects of research communities and online panels.
Our panelists are chosen to match our client’s research needs, ensuring the highest-quality data possible. Our custom online panels adapt to our B2C and B2B clients’ research objectives, from in-depth studies to quick data collection projects.
Market research is not a one-size-fits-all endeavor. Understanding the differences between research communities and online panels is essential for B2C and B2B businesses so they can select the correct tool for their unique research goals.
Read more about market research on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 22, 2023
Eyes4Research
Surveys are powerful tools for gaining insights, but the quality of the data they produce depends heavily on the questions asked. Bias in survey questions can lead to skewed results, rendering the collected data less valuable. To ensure the reliability of your surveys, it is crucial to understand and eliminate bias from your questions.
How to Recognize Bias in Survey Questions
Bias in survey questions occurs when the phrasing or structure of a question subtly influences the respondent’s answer. It can lead to inaccurate or misleading results, making it challenging to draw meaningful conclusions. Typical forms of bias include:
How to Eliminate Bias in Survey Questions
Eliminating bias in survey questions is crucial for obtaining accurate and actionable data. Here are some tips to consider:
Selecting an experienced data collection agency for your research project is essential for gathering data that is accurate and reliable. At Eyes4Research, our expertise in survey design ensures that the data we collect from our online panels is reliable and actionable.
Our team of skilled researchers has years of experience in creating surveys that yield unbiased results. We work closely with our clients to develop custom surveys that meet their specific research objectives while also eliminating bias.
Don’t let bias compromise the integrity of your survey data. When you partner with an established data collection agency with experience designing unbiased surveys, you will be empowered with valuable insights that allow you to provide products and services that your customers want.
Read more about market research on the Eyes4Research blog. Eyes4Research also has everything B2C companies need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 20, 2023
Eyes4Research
Capturing and maintaining audiences’ attention in our digital age is a challenge that marketers and market researchers face daily. But engaging an audience is not just about delivering a message; it’s about creating an experience that resonates. A powerful tool that B2C businesses have at their disposal to engage their audiences is interactive content.
Understanding Audience Engagement
Audience engagement goes beyond mere passive consumption. It’s about sparking a connection, a conversation, and a relationship between B2C brands and their audiences. Engaged audiences are more likely to participate, share, and ultimately become loyal customers.
The Rise of Interactive Content
Interactive content, which includes quizzes, polls, surveys, and more, is expanding the boundaries when it comes to audience engagement. Interactive content generates higher conversion rates than passive content, and marketers have found that interactive content is more effective in educating audiences about their brands.
Interactive Content in Market Research
Market research has also embraced interactive content as a way to connect with participants. Examples of this would be using an engaging quiz to gain valuable insights about consumer preferences or conducting a survey that feels more like a fun game rather than a chore.
Enhancing Data Collection with Interactive Content
One of the key advantages of interactive content is its ability to make data collection more enjoyable for research participants. When people are having fun or feel like they’re learning something new, they’re more likely to provide accurate and detailed responses. This leads to higher-quality data that can inform better decisions for B2C businesses.
Creating Interactive Content for Your Business
Experienced data collection agencies like Eyes4Research specialize in leveraging interactive content for market research. These are experts who can design engaging quizzes, surveys, and polls that not only collect valuable, high-quality data but also encourage a positive connection with your target audience.
Attention spans might be shrinking, but interactive content stands out as a powerful tool for enhancing audience engagement. When B2C businesses embrace interactive content, they can not only connect more deeply with their audience but also collect data that drives their business forward.
Read more about content marketing and market research on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 19, 2023
Eyes4Research
The emergence of generative artificial intelligence (AI) platforms, such as ChatGPT, is already having major repercussions on society and will certainly have many more in the future. Experts are claiming that generative AI will be able to do a plethora of tasks, including blog writing, instruction manual writing, computer coding, marketing and sales, R&D, and even poetry. Generative AI’s influence is sending shockwaves across multiple sectors of the economy and it looks poised to make an even bigger impact in academia. How well university administrators, faculty, and students get ahead of the trend will be important as it will impact the quality of education students receive in the future.
Today, AI generally refers to software or machines that can learn and be utilized for a number of everyday applications such as search engines, virtual assistant, language translation, facial recognition, and more. Without getting into the complex details and technological nuances, generative AI is a more advanced form of AI that is capable of writing texts based on prompts. There are many exciting possibilities for the use of generative AI in academia that will directly affect administrators, faculty, and students by determining eliminating some things but also creating new opportunities in other spaces. So let’s take a look at how AI made its way into academia; some of the benefits and drawbacks it offers administrators, faculty, and students; and some potential future trends.
AI in Education
AI has been around on the periphery of the education sector for many years, with programs such as Grammarly giving students and professors an advantage in their work; but AI has many more uses beyond simply helping one write a better paper. Despite its potential ability to be used to help students take shortcuts, many university administrators, professors, and researchers have embraced AI as a useful tool, so much so that it has even been given its own term and abbreviation, AI in education (AIEd).
Many professors have come to view AI as a beneficial teaching aide that can make their jobs easier but not detract from the quality of their students’ educations. For example, AI can be used to create different summaries of a book, giving students a diverse range of viewpoints and scenarios to consider. Along those same lines, AI can also help professors identify the most effective teaching methods for specific classes (traditional lecture, small group discussion, laboratory, etc.) and can also automate more repetitive tasks such as grading. These and more features of AI can be beneficial to professors and their students, as it gives teachers time to focus on tackling more difficult concepts in class, which will challenge the students and ultimately make them better students in the long term. AI will also give professors more time to dedicate to research and other endeavors that will raise their professional profile and the profile of their universities.
AI is also being utilized in the academic publishing space in a number of roles with different levels of success. AI has been used as a judge and detector of manuscripts that are worthy of being published by a particular journal or publisher, and generative AI has proven to be a much more accurate plagiarism detector than standard programs.
For many researchers in the hard sciences, writing reports and articles is the most laborious and tedious part of their work, which can create barriers to advancing in the field. Tech-orientated but writing adverse researchers can utilize generative AI platforms such as automatic writing evaluation (AWE) to see if their written results are on par with those of their colleagues and they can also use it to asses their students’ papers. AI can also be used to write abstracts of articles and speed up the overall writing process, but it’s not yet a miracle technology for academics who need help with their writing skills. The AI still has to be fed the information, and as will be seen later, it is so far only limited to basic or low-level texts.
Students and Generative AI
As much as AIEd will benefit researchers and professors in their work, the extent to which generative AI will be adopted in academia may be determined by students. After all, students are the consumers in the education space and the extent to which they utilize different aspects of AI will play a major role in its adoption. Student use of generative AI will go far beyond having the technology write papers, but will expose students to new, effective ways of learning.
One way that generative AI will benefit students is through the idea known as “contextualized learning.” Although this may sound like a concept that was drawn up in an academic ivory tower, it is a relatively simple application of AI. With contextualized learning, AI platforms will tailor learning plans and lessons to each student’s needs. The AI will be able to identify learning gaps and problem areas of the students, allowing the professors to act accordingly.
AI can also help students spend their time away from class more productively. Intelligent tutoring systems (ITS) is an AI tutoring platform that helps students prepare for exams, writing assignments, and other assessments by focusing on their strengths and mitigating their weaknesses. As platforms such as ITS develop and progress in the coming years, more students will discover their utility, possibly leading to better grades and test scores in the classroom.
The Drawbacks of AI in Academia
There’s no doubt that AI offers a plethora of benefits for administrators, faculty, and students in academia, but this will not come without some growing pains. One of the major obstacles facing AIEd is that it’s so new and therefore dependent upon how widely consumers (students), universities, and other institutions accept it. It’s important to know that the major force currently driving AI in academia isn’t necessarily the students, administrators, or faculty, but the private companies creating the AIEd platforms. Currently, there is a bottleneck between the producers of AIEd and the consumers, with private companies noting that there are currently too many customers for the small number of AIEd companies to serve. This problem will likely solve itself as more companies get involved in the AIEd space and overall demand for AI platforms plateaus, but there are other problems that need to be addressed before widespread acceptance of AI in academia can happen.
Currently, most AI platforms are limited in their scope and are not capable of completing “higher level” tasks, which can be a benefit or drawback depending upon one’s perspective. AEId platforms are unable to locate obscure citations and possibly even more interestingly, they often cannot locate newer publications. Overall, AI is also not yet to the point where it can articulate deeper, abstract reasoning. This can be a hinderance to researchers who need to quickly publish, but a benefit for professors who teach upper level undergrad and graduate courses, as they know the papers will not be written by AI. It is also important to note that many AI programs are written with a self-censorship feature, so using these programs will create problems for papers about more controversial topics.
The most obvious drawback that the widespread adoption of AIEd faces is the number of real and perceived ethical issues associated with the technology. Unfortunately, ethics is not a major concern for most of the education-technology (Ed-Tech) companies building AI systems, which some scholars believe can lead to a number of problems, including the following: the discrimination against some groups because of a lack of data, the lack of personal data protection, cheating by students and plagiarism by scholars, and a stigma placed on scholars who use AI, even properly. Many of these barriers to widespread adoption will likely be rectified in the coming years, opening new opportunities for universities, scholars, students, and even entrepreneurs.
Future Trends of AI in Academia
Like or hate AI, most who work in academia are coming to the realization that the technology will likely play some role in the space in the future. Based on what has already happened, how AI has affected other sectors, and what some notable tech researchers believe, there are a few notable trends to keep an eye on. First, expect classrooms to look very different thanks to AI. Watch for AI to assist, not replace professors, ultimately allowing them to give more time to students and to personalize lesson plans and assessments as mentioned earlier.
As AI generally and AIEd in particular progress in the next few years, more universities will offer classes, majors, and possibly entire departments dedicated to AI studies. The University of Rochester as well as other tech-centric schools already offer classes on building AI systems, and as the technology becomes more accessible expect the “AI studies” trend to gain momentum, eventually making its way to public universities across the country. This trend could be vital to keep American students and workers competitive with an increasingly educated and global workforce.
Another important trend in AIEd to watch out for is students’ greater autonomy and control over their academic and personal data. Although the idea of “Big Brother” is inevitably raised during any conversation about AI, some experts argue that if properly used, and if students are adequately educated, then students can have more access and control over their data. As our world generally becomes more digitized, expect this to be one of the more important discussions surrounding AI in the coming years.
Finally, an important future AI trend to follow is its entrepreneurial opportunities. Investment in EdTech companies more than doubled in 2020 from the previous years, and as discussed earlier there’s now a bottleneck of consumers who want AIEd technology. Some major EdTech companies that are jumping into the AI space include Third Space Learning, which is a British company that uses AI learning apps such as Duolingo and Babbel in its curriculum. The long-established American EdTech company, Pearson, is transitioning to a digital format and new derives 66% of its revenue from digital products. Pearson also claims to have developed the world’s first AI powered calculator, Aida.
The story of AI in academia is just starting to be written and it will no doubt contain several more chapters before it’s completed. AI presents many opportunities and a few drawbacks for university administrators, professors, researchers, and perhaps most importantly, the students. In order to be successful in the global marketplace all will have to learn about the nuances of and how to operate AI in the future, and universities that understand the trends and how to apply them to their students/consumers will likely see long-term success.
About the author:
An industry leader and influencer – Rudly Raphael specializes in all aspects of research logistical design involving quantitative methodology, implementing internal system infrastructure to streamline business processes, channelling communication and developing innovative research solutions to ensure Eyes4Research remains a competitive force in the marketplace. An entrepreneur, inventor (patent holder), blogger and writer – his articles have been published in various magazines such as Medium, Ebony Magazine, Bussiness2Community and also cited in various journals and academic publications.
September 18, 2023
Eyes4Research
In market research, understanding research participants isn’t just a statistical exercise; it’s a process that requires empathy. By truly comprehending the thoughts, feelings, and experiences of your research participants, B2C businesses can unlock valuable insights that can drive businesses forward.
Here is why empathy is crucial in market research and how a custom online panel can be a key tool in conducting empathetic research.
Why Empathy Matters
Empathy in market research means that researchers place themselves in the shoes of their participants. It’s about recognizing their unique perspectives and appreciating the context in which they make decisions in their everyday lives.
When researchers approach their work with empathy, they are more likely to ask the right questions, uncover hidden motivations, and gain a deeper understanding of audience behavior. This understanding can lead to more accurate data and, ultimately, better decisions for B2C companies.
Building Trust and Rapport
Empathy goes hand in hand with building trust and rapport with research participants. When people feel understood and valued, they are more likely to open up and provide candid responses.
Trust is the foundation of reliable data collection, and empathy is a crucial tool to help researchers establish trust with audiences.
Custom Online Panels and Empathetic Research
How can researchers successfully implement empathy in their research effectively? At Eyes4Research, we specialize in creating custom online panels that allow personalized and empathetic engagement with the target audience.
With custom online panels, B2C businesses are able to reach the right participants who are genuinely interested in being involved in the research, gather real-time feedback, and gain valuable insights from a target audience.
Empathy is a powerful tool in market research that can lead to more valuable insights and better decision-making for B2C businesses. For B2C and B2B businesses, empathetic research is key to staying ahead of the competition. Our custom online panels help our clients truly understand their audiences and unlock the potential of their data.
Read more about marketing and market research on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 15, 2023
Eyes4Research
During the last few years, the music industry has witnessed a transformational shift with the rise of virtual concerts. Powered by technology, these digital performances have taken center stage, offering a unique experience to the music-loving audience worldwide. But what is driving this trend, and how can B2C businesses in the entertainment space leverage data to navigate this trend effectively?
Why Virtual Concerts Are on the Rise
Virtual concerts have become immensely popular for several reasons:
The Role of Market Research in the Virtual Concert Space
To capitalize on the virtual concert trend, B2C businesses in the entertainment space need to understand their audience’s preferences and behaviors. This is where a specialized data collection agency comes into play–here’s how they can help:
At Eyes4Research, we use advanced tools to collect and analyze data, providing our B2C and B2B clients in with real-time audience insights with our custom Entertainment online panel. We tailor our data collection strategies to fit our client’s specific needs, ensuring they receive the most actionable, and reliable insights.
The rise of virtual concerts is reshaping the music industry. To make informed decisions and thrive in this new era of entertainment, B2C businesses must empower themselves with the power of data by partnering with specialized data collection agencies.
Read more about market research and its connection to the entertainment industry on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers who are active on social media platforms. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
September 12, 2023
Eyes4Research
When the World Wide Web became publicly available in 1991, it revolutionized the way we work and play and perhaps more importantly how we consume information and goods. The early internet was relatively primitive and boring, but it soon evolved to be dominated by ecommerce and then social media platforms. Many tech and business experts believe that we are at the precipice of a new internet era, often referred to as “Web3,” for the third iteration of the internet. Proponents say that Web3 will be a decentralized internet that runs on blockchain technology, and brands that know how to utilize it to connect with their consumers will gain an advantage in the new tech-driven economy.
Gavin Wood, the founder of proof-of-stake cryptocurrency Polkadot and cofounder of Ethereum, first coined the term Web3 in 2014 to describe the increasingly decentralized internet based on blockchain technology, which he helped to create. Obviously, the definition is a bit broad and open to interpretation to a certain extent, so in the subsequent years others have added to Wood’s definition. As technology has advanced since 2014, and more people have become familiar with blockchain technology, other important elements of Web3 that’ve been identified are its trustless nature – which may sound negative, but in this context it’s not and will be explained more later – and users/consumers control over their personal information.
The trends suggest that although there are many barriers to the complete adoption of Web3, where it is adopted, investors, brands, and consumers will reap incredible benefits. Consumers will enjoy the control they will gain over their personal data, while brands will find new ways to connect with their loyal consumers. So let’s take a look at how Web3 started, where it is today, and how consumers can expect from this new iteration of the internet.
How the Internet Became Web3
Tech experts generally divide the history of the internet into three phases. The first phase, known as Web 1.0, includes the period from just before the World Wide Web went public in 1991 to 2004. This era of the internet was marked by static web pages that were primarily informational and not interactive, although some of the earliest ecommerce sites, such as Amazon, began during this era. The second era, Web 2.0, began in the mid-2000s with the growth of social media, blogs, and ecommerce. The internet became much more interactive and the technology was driven by smartphones and cloud computing. As blockchain technology became more widespread by the late 2010s, experts have argued that we entered the latest version of the internet around that time.
As we enter this new internet paradigm, its success will depend on its widespread adoption, which will largely be contingent upon how well consumers understand the technology. Web3 will be based on blockchain technology, which may sound complex at first but it’s really straightforward. Blockchains are online storage systems that use encryption and distributed computing to protect the data stored on them. Encryption gives only limited people access to the data, while the distributed or decentralized element means that shards of data need to match in order for data packets to be retrieved or transactions to take place. In theory, and so far in practice, this form of internet creates a “trustless” format, whereby users are not forced to trust a company or central authority to protect their data or ensure that transactions are legitimate. Blockchain technology has opened an array of opportunities for investors and consumers, some of which are currently being realized.
Real World Web3 Applications
Cryptocurrencies have led the transition to Web3, with Bitcoin, the world’s first cryptocurrency being released on January 9, 2009. Bitcoin’s potential application for Web3 investors and consumers were quickly realized, as it remains the number one cryptocurrency by market cap because of its utility as money, a store of value, and as a financial instrument. But as much as Bitcoin may’ve opened the Web3 door, it’s the number two cryptocurrency by market cap, Ethereum, which will likely play a bigger role in the new internet paradigm.
The Ethereum blockchain has proven to be highly adaptable and a destination for businesses and consumers who use Web3. Everyday new “tokens” are being created that allow users to access the Ethereum blockchain for decentralized finance, smart contracts, and non-fungible tokens (NFTs). NFTs are digital art that are “minted” as originals and stored on the blockchain. As strange as the concept of NFTs may seem to many, they’re gaining in popularity and market cap. Investment bank Jefferies that NFTs will have a market value of over $85 billion by 2025.
Smart contracts, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs) will also play a role in the emerging world of Web3. Smart contracts are contracts that are stored on a blockchain and can only be completed or fulfilled when certain requirements are met, while DAOs are companies that are bound by rules coded into the blockchains they use. These two concepts are combined when DAOs store data, such as retail prices, and contracts with wholesalers on blockchains, with the advantage being they are invulnerable to standard hackers.
When DAOs and traditional companies use blockchains for business purposes, it is referred to as decentralized finance (DeFi). DeFi can include person-to-person or company-to-company transaction, with the primary benefit being that banks are bypassed. Although transaction fees are part of every blockchain transaction, they are often small and consumers only pay for the transactions they make. As more consumers are learning the ropes of Web3 and blockchain technology, companies and brands are starting to pay attention.
Some Brands That Have Adopted Web3 and DeFi
Due to the nature of Web3, it isn’t immediately apparent how many brands have adopted the new internet paradigm, but a quick look reveals that it is catching steam. Microsoft, AT&T, and Overstock.com have all begun accepting crypto for bill and merchandise payments, perhaps acting as the vanguard of DeFi and Web3 adoption among major brands. But a number of lesser known companies are also making inroads in the world of Web3.
Among the brands using Web3 and DeFi to watch out for the in coming years are the blockchain based social platform, Steemit, and the blockchain based supply chain, Everledger. Another company to follow is the decentralized exchange trading market, Augur. The reason why these three companies are potentially poised for success is because they all combine the new technology of Web3 with goods and services current consumers want.
Future Trends and Consumer Benefits of Using Web3
There’s no doubt that Web3 adoption will set the tone for technology advances in the coming decades, but brands that know how to utilize it, such as those mentioned earlier, will use it to connect with their consumers. The trustless element of blockchain technology gives plenty of freedom to the consumer in many different ways. For example, consumers will be able to trade online apps on blockchains using smart contracts, cutting out the middleman in the process. Web3 also has the ability to give consumers more control over their data.
Under the current internet paradigm, personal data is stored on servers that are vulnerable to hackers, but on Web3, data can be stored on blockchains that can only be released if the owner allows it. In addition to enhanced security, blockchain data storage will cut down on spam and those who use it will be able to say goodbye to third party cookies forever!
One of the most important future trends of Web3 will be how it connects brands with its consumers, by building more trust and loyalty. Because 76% of consumers don’t know what companies are doing with their personal data, the adoption of Web3 gives brands an opening. Perhaps somewhat ironically, the trustless aspect of the blockchain can provide a way for brands to rebuild trust with their customers, although it will require consumers to adopt the new technology. Brands can also leverage the new technology in other unique ways to build customer loyalty.
Nike has recently combined blockchain technology and the metaverse – which is considered another part of Web3 – to sell virtual sneakers in the virtual world, Roblox. Fashion brand Dolce & Gabbana recently combined the metaverse and NFTs to connect with its consumers by auctioning a nine-piece collection of NFTs for $6 million, which included a suit that the auction winner can wear in the metaverse. Brands can also issue NFTs and/or blockchain tokens as a way for their consumers to access special online events or deals, ultimately replacing standard loyalty points.
How well brands migrate loyalty rewards programs to Web3 will likely play a much bigger role in the retail space in the future, giving consumers more power over how they store and use those points. An average consumer is enrolled in 18 loyalty programs, but they are only actively engaged in less than half of them, meaning lost points for the consumer and fewer chances for brands to engage their customers. Web3 technology can bring customer loyalty programs to the next level by offering digital rewards that are uniquely ownable, tradeable, and collectable, transforming brand-customer transactions into a more immersive experience.
Of course the adoption of Web3 faces some barriers. Most of the big tech companies have no incentive to give up the power they hold over Web 2.0 and the current US government is hostile- to crypto generally and appears to know little, or care, about blockchain technology’s wider uses. Consumers are also slow to learn about what many perceive as an arcane form of technology, but many of these barriers existed before other major technology revolutions throughout history. Web3 may not replace the current iteration of the internet overnight, but brands that recognize its value as a tool to connect with consumers will find that it will be useful in the coming years.
About the author:
An industry leader and influencer – Rudly Raphael specializes in all aspects of research logistical design involving quantitative methodology, implementing internal system infrastructure to streamline business processes, channelling communication and developing innovative research solutions to ensure Eyes4Research remains a competitive force in the marketplace. An entrepreneur, inventor (patent holder), blogger and writer – his articles have been published in various magazines such as Medium, Ebony Magazine, Bussiness2Community and also cited in various journals and academic publications.
September 11, 2023
Eyes4Research
Uncertainty has become a constant in our lives. From economic fluctuations to global health emergencies, consumers are continually faced with unpredictable circumstances that influence their choices. As a result, understanding how uncertainty impacts consumer decision-making is crucial for B2C businesses that are striving to stay one step ahead of the competition.
The Impact of Uncertainty
We all know that uncertainty breeds caution. When consumers perceive an uncertain future, they tend to become more conservative with their spending habits. They are likely to postpone major purchases, opt for lower-cost alternatives, or save rather than invest. It’s this cautious approach that can significantly affect B2C industries ranging from travel and hospitality to luxury goods.
The Role of Market Research
Here is where an experienced market research agency can make all the difference. In times of uncertainty, having access to accurate and up-to-date consumer insights is invaluable. A professional research agency can provide B2C businesses with the following:
At Eyes4Research, we provide our B2C clients with the tools they need to navigate uncertainty. We specialize in creating and managing custom online panels for both B2B and B2C audiences that provide valuable insights that can empower companies with data-driven decision-making.
Uncertainty is an inescapable force in the current consumer landscape. But with the right market research partner, B2C businesses can turn that uncertainty into opportunities for growth and success.
Read more about market research and consumer behavior on the Eyes4Research blog. Eyes4Research also has everything B2C companies need to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.