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Consumer Trends

The Evolving Consumer: An Overview of the Changing Consumer Trends in Canada

Global consumer trends are evolving faster than ever before. In Canada, the population is becoming increasingly heterogeneous with millennials representing a significant part of the population. These consumer cohorts are considered to be extremely dynamic in terms of their shopping habits, making it highly challenging for retailers to effectively capture their brand loyalty.

Furthermore, a typical Canadian consumer prefers convenience, choice, and control when they shop. As such, today retailers have to deal with a more diverse set of consumers with a much broader set of needs.

Let us explore some key consumer trends that Canadian retailers must keep abreast of while planning their strategies to entice customers in this market.

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Top consumer trends in Canada

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Serving the millennial consumers

Millennials are often referred to as the ‘connected generation’. Some of the common millennial consumer trends include the use of smartphones and mobile devices to browse through products and shop. The purchase decisions of millennial consumers are largely influenced by social media or what they read about a product online.

These consumer trends mean that retailer must continuously and quickly reinvent their offerings in order to grab the attention of these consumers and provide the consumer experience that they are looking for so that their brand loyalty can be retained. Moreover, a strong multi-channel and PR communication strategy is a must-have for retailers.

Age of responsible consumerism

This is one of the most popular global consumer trends that will soon go mainstream in Canada. As the ease of buying goods of their choice increases, modern consumers will now favor brands that help them make more responsible and better choices.

Some top brands have already set the lead for such trends wherein they encourage consumers to support global issues such as environmental concerns and do their part in making a positive impact.

The modern consumer is a constructive result of growing economic pressure and increasing competitive options available. Get in touch with our experts to know how our market intelligence solutions can help your business adapt to the changing business landscape and formulate robust strategies to survive.

Personalized experience and on-demand shopping

Personalization is one of the key consumer experience trends that plays a major role in making the shopping experience relevant to modern customers. Businesses are increasingly using customer data and past shopping behavior data to personalize shopping experience for their customers. Furthermore, taking advantage of the growth of digital shopping, several brands are providing services such as same-day delivery that is becoming one of the most popular consumer trends, especially among the young shoppers.

Increased focus on health and wellness

Modern Canadian consumers are gradually showing greater interest towards health and wellness. As a result, brand and products that promote this ideology are garnering greater favor in the Canadian market. Furthermore, food products with dietary restrictions are also becoming one of the key growing consumer trends in Canada.

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Top Global Consumer Trends Shaping Consumer Behaviour

Consumer expenditure has been growing at an unprecedented rate in the modern world. Technological innovations and new financial models have driven consumerism, and with it the global spends. The shifting consumer attitude and behavior coupled with the extensive use of mobile technology and the internet will continue to cause disruptions for businesses all around the world. Augmented reality, IoT, data analytics, genetics, cloud computing, and wearables have stirred the consumers’ interests and their spending. However, not all consumers are the same, some want the hi-fi lifestyle, whereas some are looking back to the prehistoric era and promoting organic living. But which consumer trend will reign the world in 2018?

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Top Global Consumer Trends

Living clean

The growing instances of obesity have prompted people to be more conscious of their health choices. Apart from marketing, fear of diseases such as cancer has pushed them to adopt a more chemical and toxin-free lifestyle. It’s no wonder that the culture of veganism is gaining traction. Apart from that, people are opting for organic foods, quitting alcohol, and tobacco-based products. The lifestyle choices are not only limited to the food they choose but also on their attitude towards life. Limiting unnecessary spending and materialistic ownership is a big hit with global conglomerates that thrive on such global consumer spends.

Living in borrowed money

The newer model of ownership such as subscription and renting are reshaping the economy. The subscription economy is huge, and many software and app-based programs are already adopting it in favor of the sales model. These people reject material goods in favor of experiences and have changed the buying habits of millennials. Opting for Uber instead of a car, Airbnb instead of a home, and easy financing seems to be the trend. The on-demand culture looks like it’s here to stay as people are living a hectic and mobile lifestyle. The concept of ride sharing, clothing rentals, and equipment rental has boosted the sharing economy, forcing companies to rethink their business.

Adaptive entrepreneurs

Entrepreneurship is one of the growing trends in the economy currently. Even with the presence of big giants, multiple startups are emerging and prospering. Technological startups are easier to start as it is not capital intensive and can be scaled easily. People are shifting from 9-5 culture and giving entrepreneurship a shot. They rely less on financial security and more on being self-employed. One specific pattern seen in such group is their hesitancy in delaying larger life goals such as owning a house or having children.

The survivors

Despite improvements in the global economy, the gap between the rich and the poor has been ever-growing. Those stuck in the lower end of the spectrum are struggling with high living costs. They rely on value-based retail formats, food banks, and second-hand items to meet needs. Not necessarily classified as poor, they look for deep discounts in their purchase and are highly price-sensitive.

For more information on the global consumer trends for 2018:

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Top Neuromarketing Techniques – Analyzing Hidden Human Emotions to Create Marketing Programs that Work

In the past, brands used to spend unreasonably high amounts in marketing and advertising their products all over the place, including mediums like TVs, buses, and advertising billboards. But, in an age where competition is high, and advertising cost is skyrocketing, marketers are facing the challenges when it comes to gaining better outputs with limited budgets. Neuromarketing techniques help a marketer improve the effectiveness of their marketing programs with a better understanding of a non-conscious aspect of consumer decision-making. It addresses a big flaw associated with the conception of the traditional research that consumers usually act differently compared to their response. Here are the top neuromarketing technique that marketers can use to gain a better understanding of consumers decision-making process:IR_Brochure

Eye Tracking Technology

Eye tracking technology helps a marketer see the promotions through the eyes of the customers. It tracks the customer’s eye movement along the promotional content, the store, or the brand and also records how long customer gazes at a particular point. This neuromarketing technique helps the marketer to identify the parts of promotion such as image, headline, or body copy that is important to a consumer and focus on them.

EEG and fMRI

The eye tracking technology is pretty straightforward but does not reveal the emotions of the customer towards the promotions. By tracking electrical activity and flow of blood inside the brain, marketers can figure out whether a consumer likes the product or promotion. Allowing examiners access to the pleasure center of the brain lets researchers track human emotions such as anger, excitement, lust, or sorrow. Such a neuromarketing technique could be useful in analyzing the effectiveness of a commercial.

Facial Coding

The facial recognition software in a device as small as the new iPhone X already depicts the potency of facial coding. This neuromarketing technique uses thousands of dots, which are then projected on the subject’s face and tracks movements of muscles to recognize the facial expression and then analyze emotions such as surprise, jubilation, disappointment, or anger.

Galvanometer Test

Researchers use galvanometers to determine the excitement levels of the customers after exposure to external stimuli such as an advertisement or new product by measuring electrical activity in the respondent’s skin. Such involuntary responses can give marketers insights into the effectiveness of the marketing program and make necessary amendments if the desired level of excitement is not achieved.

Here’s how marketers can use neuromarketing techniques to create effective marketing programs:

Neuromarketing TechniquesGet in touch with industry experts to help your company gain insights on suitable neuromarketing techniques your company can use to create winning marketing programs.

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Competitive Intelligence Engagement Helps a Retail Client Deal with Product Launch in 10+ Countries

Over the years, the retail industry has witnessed fierce competition with key players competing with each other to sell niche products andcapture services in the market. Consequently, retailers have started shifting towards product innovation to bring about product differentiation and expand their product portfolio across different geographic boundaries and territories. Due to factors such as burgeoning technology, increasing competition, greater transparency and availability of information, the players in the retail landscape have been focusing on assortment, pricing, and marketing activities to increase their profit margins. Moreover, factors such as the rising demand for value among the customers is forcing the retailers to keep up-to-date on the entry of new competitors and their offerings in the market.

Although, the retail landscape is witnessing a substantial increase in its product portfolio, the industry is becoming a victim to several challenges. Understanding the customer, handling resources and other priorities, and focusing on employee engagement are some of the factors which are anticipated to impede the growth of the retail industry. To help businesses gain more insights on the retailer landscape, Infiniti’s competitive intelligence solutions shed light on the potential competitors and their market strategies. Our solutions also focus on devising effective product launch strategies to neutralize competitive threats and gain a competitive edge over their counterparts.

The Business Challenge

A global conglomerate in retail was facing challenges understanding the current market share, increase product portfolio, and enhance their penetration level across the target regions. The client also wanted assistance with respect to competitive intelligence as they were facing challenges increasing the foothold of their products in the target market and their revenue. Furthermore, the client also wanted to re-launch their products and analyze their reach among the target audience.

Our Research Methodology

To gain an in-depth understanding of the retail landscape, Infiniti’s competitive intelligence experts carried out a blended research approach comprising of interviews and discussions with leading retail stakeholders in the market. Also, our competitive intelligence experts leveraged the use of data modeling approach to devise effective marketing strategies to launch new products in the target market.

Competitive intelligence engagement

Want to learn more about Infiniti’s research methodology?

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Our Solution Helped the Client

  • Effectively position products, train the sales force, work with channel partners, and communicate with customers
  • Assess the sales and marketing performance
  • Support the development of power launch programs
  • Increase shares of customer wallet, erode competitors market share, and boost revenue
  • Track competitors and ensure better returns on investment

Benefits of Our Integrated Approach

In a span of 12 weeks, Infiniti’s industry experts were able to address the challenges faced by retailers during new product launches. The competitive intelligence engagement also helped the client address robust issues pertaining to the pricing and marketing of various products. The competitive intelligence engagement further helped the client embrace new sales channels, improve marketing efforts, and enhance product assortment.

A must-read competitive intelligence case study for strategy experts and decision makers looking to assess the market landscape for the retail industry.

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Consumer Research Analysis on Vegetable Proteins

In the past last two decades, high-protein diets have gone from being a staple of the fitness community to a mainstream dieting option.

 

Despite the recent paradigm shift in the populace’s eating habits, most people around the globe associate proteins with bodybuilders and athletes. This fallacy may have arisen due to recent advertisements and shows screening sports gurus drinking protein shakes after a training session and focusing on lean meats when they are cutting down before a bodybuilding show or athletics meet. However, the importance of proteins cannot be undermined as it is one of the most important macronutrients for staying fit and healthy. A key thing to note here is that, though, meat-based products are excellent sources of proteins, eating a diet that’s based primarily on vegetables can easily meet your protein requirements and supplement your body with essential micronutrients.

The dietary requirement for protein is not as high as one might think, and many people – vegetarian or not – consume more proteins than their bodies need. Furthermore, with the recent trend of veganism among the millennials and growing health consciousness among consumers, the demand for vegetable proteins has increasedcapture substantially over the past couple of years. This recent increase in the demand for vegetable proteins has subsequently resulted in the popularity of texturized vegetable proteins and hydrolyzed vegetable proteins. Texturized vegetable proteins are made from multiple sources like wheat, cotton seeds, and oats; whereas, hydrolyzed proteins are derived from boiling cereals or legumes in hydrochloric acid and then neutralizing the solution with sodium hydroxide. Another key aspect that is influencing the market space for vegetable proteins is the growing demand for protein ingredients from industries like animal feed, cosmetics and personal care, and pharmaceutical.

However, to deal with the dynamism of this market space, market-leading companies in the food and beverage industry have been compelled to expand their operations and establish new business units in emerging geographies. The consumer research services offered by Infiniti, help strategy experts and decision makers understand how the recent paradigm shift from meat-based products to vegetable proteins will affect the consumers’ preference level for their respective products. Additionally, our consumer research analysis also offers an in-depth understanding of recent developments and innovations in the industry and relevant stakeholders’ views on the current and future market scenario.

The Business Challenge

To understand the rapidly changing demand-supply shift in this market space and gain better insights into consumers’ buying pattern, the client – a leading global ingredient solutions provider for the F&B, brewing, and pharmaceutical industries – approached Infiniti to carry out a consumer research analysis for its products. Thecapture2 market opportunity engagement, which included a consumer research analysis, would help the client understand customer preference levels, acceptance, and expectations regarding food products containing pulse-based ingredients, flours, and protein ingredients. The ingredient solutions provider also wanted to better guide its consumers on how to label pulse ingredients, including any claims positioning benefits. The consumer research analysis would also offer insights into the additional usage of pulse ingredients based on consumer response.

The primary objective of this consumer research analysis was to help the ingredient solutions provider understand consumers’ acceptance levels and appeal of pulse ingredients such as fava bean, lentil, pea, chickpea flours and proteins across the US and Canada.

Infiniti’s consumer research support team also spoke to key stakeholders responsible for the sales and distribution of similar food products to understand how the market would grow in short and long term across target regions and also to validate the industry’s size and consumer research model developed for this segment.

Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies

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Solution Offered and Business Impact

By following a two-step research approach consisting of qualitative research and quantitative survey, our industry specialists helped the client gain insights into consumers’ preference levels and expectations regarding their products. Our research team also conduct detailed IDIs with consumers across the US and Canada to gather consumers’ reactions to the labels. These IDIs would act as the initial precursor and would help filter down the large list of concepts and label preferences to the ones that actually appeal to the consumers. The shortlisted concepts and label preferences would then be assessed comprehensively through a Max-Diff based quantitative survey to understand the optimization scenarios across a different combination of concepts and labels. The insights procured through this methodology would help the global ingredient solutions provider develop effective marketing strategies for its products.

In a span of 10 weeks, the ingredient solutions provider for the food, beverage, brewing, and pharmaceutical industries was able to leverage Infiniti’s vast knowledge base of business executives across the North American region within the food and beverage industry to understand consumer acceptance and appeal of pulse ingredients across target regions.

To assess the challenges specific to the food and beverage sector, Infiniti’s consumer research solutions team have developed a comprehensive proprietary database consisting of information on more than two million industry experts, key opinion leaders, payers, key competitors, and end-users.

What do the clients appreciate about our approach?

In a relatively short period of just 10 weeks, the client – a leading ingredient solutions provider for the food and beverage and pharmaceutical sector – saw numerous benefits from our relationship. The benefit was not only in terms of understanding consumers’ reactions to the labels but was also in terms of the the additional insights offered by our team to help them gain insights on the usage of pulse ingredients based on consumers’ response.

Here are some of the key points appreciated by our clients

 

  • Dedicated Market Intelligence Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
  • Collaborative learning. We leveraged the experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
  • Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patients undergoing treatment, untreated patients, and patients with chronic conditions.
  • Interactive Dashboard. Using our Portal based solution for healthcare professionals, we took a design-first approach to problem-solving and helped break through previously held assertions.
  • Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.

 

A must-read market opportunity case analysis for strategy experts and decision makers looking for effective consumer research analysis.

 

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Vegetable Proteins

Patient and Doctors Survey for Type II Diabetes Drug Market in North America

Business Challenge
A global diabetic medicine manufacturer was interested in understanding the attitude of patients and doctors to diabetes treatment prior to the launch of its Type II diabetes drug in the US market.
Situation
The client was interested in determining whether the positioning statements and messages of its planned campaign would resonate with how and where patients obtain information on diabetes medication, as well as on understanding doctors’ criteria for prescribing the new treatment.
Approach
We conducted 150+ primary interviews including 30+ in-depth interviews with medical practitioners treating diabetes patients and 100+ in-depth interviews with patients suffering from type II diabetes, to obtain information specific to the client’s research needs.
Impact
We provided strategic insights to the client to help identify key end-user requirements and also to develop strategies for key marketing channels.
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