What are shopper insights? Its methods and benefits explained!
Today there is a strong need to improve shopper insights and research in many businesses. The goal is to understand customer habits and shopping behaviour. Although brands are aware of the importance of shopper insights, few understand the scope of the topic and worse; they do not know how to implement the collected information.
The following guide will help businesses understand the concept and how to put the shopper research into action for customers and companies to earn profit.
What is shopper insight?
Before beginning to explain the concept, it is essential to differentiate between information and insight. Data is simply facts and numbers. Insight is what you interpret from the data and the knowledge you gain. For instance, you may notice that customers are not purchasing the same product every time. An insight will tell you the reason behind this information is either because of seasonality or promotion. Shopper behaviour research will offer you a wealth of data. However, you can gain value by unveiling the shopper insights well.
How do shopper research and data help insights?
When you conduct shopper research, you not just concentrate on the behaviour but also their attitude that drives them. The information, on the other hand, only offers you the result
While you cannot use both separately, you can combine them and create meaningful insights. You can further make it compel sby using shopping insight with consumer insights
For many, the difference between consumers and shoppers is blurred. This makes it challenging to collect and isolate data
There is, nevertheless, a vast difference between a shopper and consumer insights. Retailers need to recognise this distinction. This is because the resulting action can serve different purposes
When you use consumer and shopper insights together, they provide the retailer with a deeper understanding of the customers
What are the methods used to get shopper insights?
Shopper research should include both explanatory and evaluation method. It gives you a holistic view. You will learn what the customers say and what they actually do. There is a massive difference between both and finding the answer to them is what offers insight into shopper behaviour research
In-store brief interviews will not provide you with enough data to make effective marketing decisions. You also cannot rely on focus groups because the environment can force customers to provide dishonest or disconnected answers
How do retailers and others benefit from shopper insights?
They are beneficial to any business which sells goods and services. More importantly, it is advantageous to retailers, consumer goods manufacturers, retail marketing agencies, and other types of business models:
Retailers: They can use shopper insights to understand the shopper’s behaviour in depth, which includes where else they shop and why. Retailers can also gauge the competitive business and gain insights on shopper’s habits throughout the year.
Consumer goods manufacturers: These people know about the shopper trends and changes in the Path to Purchase. This way they can improvise promotional strategies and marketing plans in collaboration with retailers.
Marketing agencies: Shopper research comes handy for marketing agencies to understand how the shopper’s behaviour, expectations, and loyalties differ across different retail channels, including e-commerce websites. This way marketing agencies can tailor their plans and use more channel-targeting strategies based on the findings from in-store and digital influences.
All in all, the action plan should stop unwanted shopping behaviour and promote desired shopping behaviour. Shopper insights will provide your company with enough value and enable positive outcome.