Retail and Data

  1 m, 51 s

Earlier this week our partner, Gesellschaft für Konsumforschung (you might know them better as ‘GfK,’ Germany’s largest market research institute), posted a fascinating article on the power of convenience in the modern retail experience. “The availability of more information and choice has changed consumers’ expectations about how, where and when they shop. Consumers are less willing to settle for a ‘one size fits all’ shopping experience.” This piqued our interest because tailoring to a consumer’s individual taste and increasing the convenience of the shopping experience can be helped by using a sentiment analysis engine like Salience.

Streamlining a consumer’s shopping experience begins with understanding the consumer. “The challenge for retailers is to ensure that the right products are presented in the right way and at the right time to the customer” says GfK marketing analyst Nino Kereselidze. There’s a growing expectation that retailers will act on this data, and the boom in mobile technology is only encouraging this expectation. “Mobile communication is expected to become the number one driver of retail development in the future. As more mobile services are made available, customers will increasingly use them to search for and to buy products and services online,” continues Kereselidze. Sentiment analysis, intent analysis and other means of data analysis are going to continue to help brands navigate this massive ocean of data growing before them. Other technology as well, like the data supplied by location-based apps, are going to further the importance of a consumer’s day-to-day experience, even when they’re not in the physical store—be it digital or brick and mortar.

It used to be that the consumer’s experience with a retailer began when they opened the paper, turned on the TV or stepped into the company’s building itself. Now, a consumer’s experience with a retailer begins when they wake up and start interacting with their phone. Market research institutes like GfK are the frontrunners in the race to understand this influx of data. GfK is helping brands all over the world to stay ahead of the shifting modern market. And Nino Kereselidze has plenty more to say on the subject over at the GfK blog. It only takes about two minutes to read and it’s worth every second!

Categories: Analysis, Partners, Sentiment Analysis