Month: August 2024

img

Adapting to Omnichannel Retail: How Market Research Can Ensure a Seamless Customer Experience

  • August 20, 2024

  • Eyes4Research

The current retail environment is fast-paced, and the lines between online and analog life continue to blur. Consumers expect a seamless experience, whether they are browsing a B2C brand’s website, using a mobile app, or walking into a physical store. The shift toward omnichannel retailing presents both a challenge and an opportunity for retailers. 

The B2C brands that can deliver a consistent and unified experience across all touchpoints stand to gain customer loyalty and increase their market share. But how can retailers ensure that their omnichannel strategy meets consumer expectations? 

This is where market research becomes indispensable. By leveraging insights drawn from comprehensive market research, retailers can understand consumer behavior, preferences, and pain points across channels. This understanding allows them to fine-tune their omnichannel strategies to ensure a seamless and engaging customer journey. 

Why a Seamless Omnichannel Experience is Important

Before diving into how market research can facilitate omnichannel success, it’s important to understand why a seamless experience is so crucial. In an omnichannel environment, customers interact with a B2C brand through various channels– from online storefronts to social media, and mobile apps to physical stores. A fragmented experience across these touchpoints can lead to frustration, cart abandonment, or worse, switching to another brand.  

For instance, imagine a customer who sees a product on social media, adds it to their cart on a retailer’s website, and then decides to complete the purchase in-store. If the in-store staff is unaware of the online promotion, or if the product isn’t available in-store as indicated online, the customer’s experience is disrupted. This lack of consistency can damage trust and discourage future purchases. 

In contrast, a well-executed omnichannel strategy ensures the customer journey is smooth and uninterrupted, regardless of the channel. Achieving this level of cohesion requires deep insights into customer expectations and behaviors– insights that can only be gained through effective market research. 

How Market Research Drives Omnichannel Success

Market research plays a pivotal role in helping retailers understand the nuances of consumer behavior across different channels. It allows retailers to address critical questions such as: 

  • How do customers interact with different touchpoints? 
  • What are the common friction points in their journey? 
  • What factors influence their decision to purchase online versus in-store? 
  • How do promotions, product availability, and customer service impact their overall experience? 

By answering these questions, market research provides retailers with a roadmap to create a truly omnichannel experience for their customers. Here’s a quick look at how it can be done: 

  • Identifying Customer Preferences Across Channels: Through surveys, focus groups, and behavioral data analysis, market research can uncover how customers prefer to shop. Do they like to browse online but purchase in-store? Or do they prefer a fully digital experience? 
  • Mapping the Customer Journey: Market research helps retailers map out the entire customer journey, identifying all the touchpoints a customer interacts with before making a purchase. By understanding this journey, retailers can ensure that each touchpoint is consistent and contributes to a positive overall experience. 
  • Detecting Pain Points: Through customer feedback and sentiment analysis, market research can reveal the pain points that customers encounter across channels. Whether it’s long wait times for in-store pickup or confusing website navigation, identifying these issues means that retailers can address them proactively. 
  • Testing and Validating Omnichannel Strategies: Market research provides a platform for testing and validating different omnichannel strategies before committing to a full-scale implementation. This could involve A/B testing different website layouts, piloting new in-store technologies, or gauging customer reactions to new mobile app features. 

The Role of Custom Online Panels in Enhancing the Omnichannel Experience

One powerful tool in the market research arsenal is custom online panels. These panels, like the ones designed by Eyes4Research, consist of a carefully curated group of participants who provide ongoing feedback on various aspects of the retail experience. For retailers looking to perfect their omnichannel strategy, custom online panels offer several key advantages– here are a few: 

  • Continuous Feedback Loop: Custom online panels allow retailers to gather continuous feedback from a representative group of customers. This ongoing dialogue helps retailers stay attuned to changing consumer preferences and quickly adapt their strategies. 
  • Targeted Insights: Unlike one-off surveys, custom online panels can be tailored to focus on specific customer segments or channels. For example, retailers can create panels specifically for online shoppers, in-store customers, or omnichannel users. This targeted approach ensures that the insights collected are relevant and actionable. 
  • Testing and Iteration: With custom online panels, retailers can test new initiatives, such as website updates, or in-store promotions, before rolling them out to the broader market. Panel participants provide real-time feedback, allowing retailers to refine their strategies and avoid costly mistakes. 
  • Building Customer Relationships: Engaging customers through custom online panels can also strengthen brand loyalty. Customers who feel that their opinions are valued and acted upon are more likely to remain loyal to the brand. This can be a powerful way for brands to differentiate themselves in an immensely competitive retail landscape.

For retailers who want to deliver a seamless omnichannel customer experience, market research is not a luxury– it is a necessity. Understanding consumer behavior, identifying pain points, and testing new strategies, means retailers can create a cohesive experience that creates happy and loyal customers and drives sales

Custom online panels offer a unique opportunity to collect ongoing feedback that can guide omnichannel strategies. By investing in these tools, retailers can stay ahead of the curve, continuously improve their offerings, and build stronger relationships with their customers. 
Read more about the retail industry 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.

img

How Weight Loss Drugs Could Change Consumer Behavior in the Fitness and Wellness Industries 

  • August 12, 2024

  • Eyes4Research

The explosion of new weight loss drugs on the market represents a massive shift in the landscape of the fitness, health, and wellness industries. These medications promise to alter not just the way consumers approach weight loss but also their broader lifestyle choices and consumption patterns. 

As brands navigate this evolving market, understanding the implications of these drugs on consumer behavior becomes crucial for brands in the fitness and wellness spaces. Market research plays a pivotal role in helping brands adapt and thrive amidst these changes. 

The Emergence of New Weight Loss Drugs

Recent advancements in medical science have introduced a new generation of weight loss drugs, such as GLP-1 receptor agonists like semaglutide (marketed as Ozempic and Wegovy). These drugs have demonstrated impressive efficacy in clinical trials, leading to significant weight loss in many patients. 

Unlike previous weight loss medications that often had severe side effects or limited effectiveness, this new class of drugs offers a more promising and sustainable solution for obesity management. 

Potential Changes in Consumer Behavior in the Fitness Industry

  • Reduction in Gym Memberships and Fitness Classes: As more consumers achieve weight loss through medication, the immediate need for rigorous physical exercise might diminish. This could lead to a decline in gym memberships and attendance at fitness classes, particularly those aimed at weight loss. 
  • Increased Demand for Holistic Wellness Programs: While the need for weight loss-focused exercise may decrease, there could be a growing interest in holistic wellness programs that emphasize overall health, mental well-being, and longevity. This shift could see consumers investing in yoga, meditation, and low-impact exercise classes. 

The Potential Evolution of the Health and Wellness Industry

  • Greater Focus on Nutrition and Supplementation: As consumers increasingly turn to weight loss via pharmaceuticals, they may seek to maintain their health through improved nutrition and supplementation. This could drive demand for high-quality, nutrient-dense foods and health supplements designed to complement weight loss medications. 
  • Enhanced Emphasis on Preventative Healthcare: Medications will make managing weight loss much easier, possibly leading to a broader shift towards preventative healthcare practices. Consumers might become more proactive in managing their health, investing in regular health screenings, and adopting healthier lifestyles to sustain weight loss. 

The Role of Market Research 

Market research is essential in helping brands understand and respond to these changes in consumer behavior in the wellness and fitness spaces. Here’s how it can be instrumental: 

Identifying Emerging Trends

Consumer Surveys and Focus Groups: Conducting surveys and focus groups can provide insights into how consumers are integrating weight loss drugs into their lives. This qualitative data helps brands understand the motivations, challenges, and lifestyle changes associated with the use of these medications. 

Segmenting the Market

Behavioral Segmentation: By analyzing consumer behavior, brands can segment their target audiences based on their use of weight loss drugs, fitness routines, and overall wellness goals. This allows for more personalized marketing strategies that resonate with different consumer groups. 

Psychographic Profiling: Understanding the attitudes, values, and lifestyle choices of consumers using weight loss drugs can help brands tailor their messaging and product offerings. Psychographic profiling provides a deeper understanding of consumer motivations, enabling brands to connect on a more meaningful level. 

Adapting Marketing Strategies

Product Development: insights from market research can guide the development of new products that align with the needs and preferences of consumers using weight loss drugs. For example, brands might create specialized nutritional supplements or wellness programs that support the goals of these consumers. 

Targeted Marketing Campaigns: Market research allows brands to design targeted marketing campaigns that address the specific concerns and aspirations of their audience. By highlighting the benefits of their products in the context of weight loss and overall health, brands can create more compelling and relevant messaging. 

Monitoring and Evaluation

Tracking Consumer Feedback: Monitoring of consumer feedback keeps brands on top of evolving trends and consumer preferences. It is real-time data that enables brands to make informed decisions and adjust their strategies to stay competitive. 

Measuring Campaign Effectiveness: Evaluating the effectiveness of marketing campaigns through KPIs allows companies to refine their approach. Understanding which messages resonate most with consumers using weight loss drugs can supercharge future marketing efforts. 

The introduction of new weight loss drugs has the potential to drastically reshape consumer behavior in the fitness, health, and wellness industries. As consumers increasingly turn to these medications to manage their weight, it will be essential for brands to adapt to the current landscape to remain relevant. 

Market research plays a crucial role in guiding brands through this transition, providing the insights needed to understand consumer behavior, segment the market, and develop effective marketing strategies. Investing in market research makes it possible for brands to navigate the complexities of this evolving market and continue to meet the needs of their consumers. 
Read more about the pharmaceutical and healthcare industries on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights in the healthcare space. 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.

img

Navigating Inflation: How Rising Costs Are Shaping Restaurant Dining Behaviors

  • August 2, 2024

  • Eyes4Research

Whether you are a consumer or a business owner, everyone feels the pinch of persistently higher prices– from the grocery store to the gas pump. Restaurants, in particular, are grappling with skyrocketing costs for ingredients, labor, and utilities. This economic shift is reshaping how people choose to dine out (or whether to dine out), as they seek ways to enjoy a nice meal without breaking the bank. 

Changing Consumer Spending Patterns

As prices climb, consumers are becoming more strategic about their dining choices. According to a recent survey by the National Restaurant Association, 60 percent of consumers report dining out less frequently due to rising costs. Younger consumers, particularly those aged 18-34, are the most likely to cut back, with 70 percent indicating that they have cut back on going out to eat.

Are Service Fees and Surcharges the New Normal? 

To stay afloat amidst rising expenses, some restaurants, especially those in larger cities, are tacking on service fees or surcharges to customer bills. These fees help offset higher labor costs and supply chain issues without drastically hiking menu prices. 

Many diners have pushed back on these fees, as part of a rising tide against tipping culture and what some diners view as a money grab on the part of restaurants. As a result, many restaurants have started experimenting with different pricing models, to educate consumers about their operational challenges, while looking out for their staff. 

One example– Union Square Hospitality Group, led by renowned restauranteur Danny Meyer, has adopted a “hospitality included” model. The group aims to provide staff with a stable income while managing inflationary pressures by eliminating traditional tipping and raising menu prices to include service fees. A survey of diners at these restaurants found that most diners were supportive of this model, appreciating its transparency and consistency. 

Chipotle Mexican Grill has introduced a small surcharge on online orders to cover the costs of digital operations and third-party delivery services. This strategy helps manage the increased demand for delivery without passing on steep price hikes to customers. Consumer feedback on this has been mixed, with some expressing understanding of the surcharge, and others stating that it deterred them from using online ordering. 

Rethinking Tipping in an Inflationary World

The tipping culture in the U.S. is under renewed scrutiny as inflation affects both diners’ and workers’ wallets. A recent study by One Fair Wage found that 68 percent of tipped workers struggle to make ends meet, while 72 percent of consumers believe that restaurant workers should be paid a fair wage regardless of tips. 

The One Fair Wage campaign is pushing to end the subminimum wage for tipped workers, advocating for fair wages that are not dependent on customer generosity. This movement is gaining momentum, with some states and cities considering legislation to raise minimum wages for all workers. In areas where this legislation has been proposed, it has been found that most of the general public supports the initiative. 

The Power of Market Research to Understand Consumer Behavior

Understanding consumer behavior through research is essential for the restaurant industry. By activating insights about spending habits, pricing attitudes, and dining preferences, restaurants can make informed decisions to attract and retain customers. 

Research has shown that most diners value transparency in pricing and ethical labor practices. Restaurants that communicate their pricing strategies and emphasize fair wages can build stronger customer loyalty and trust. Ethically-aware consumers are more likely to support restaurants they perceive as treating their staff well. 

How Research Can Help Restaurants Adapt Menus and Marketing 

Using research, restaurants can tweak their menus and marketing strategies to align with what consumers want. Offering value menus, special promotions, or highlighting budget-friendly options can appeal to cost-conscious diners without compromising on quality. Many consumers look for deals and discounts when choosing where to dine. 

Inflation is reshaping the restaurant industry, influencing how consumers spend and how restaurants operate. By understanding and adapting to these changes, and leveraging research, restaurants can navigate these challenges, adjust their business models, and continue to thrive. 

Staying ahead of these trends not only helps maintain profitability but also ensures that restaurants meet customer expectations, better positioning themselves for long-term success. 

Read more about the restaurant industry and consumer behavior on the Eyes4Research blog. Eyes4Research also has everything restaurants need to build trust with their customers by collecting 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.

>