Why Are Shopper Insights Important For Market Research?

Insights basically mean interpreting from the information, knowledge gained through different sources about a particular subject. Shopper data systems and research can provide a great amount of information, and if properly analyzed, a lot of vital values can be extracted from the information. Shopper insights are important for the businesses as it will help them understand the needs and requirements of the shoppers from their point of view so they can make the changes to their products in an efficient manner to deliver a product that suits the customer’s requirements. Shopper insights include observing the shopper’s behavior, the general attitude of the customers. These insights can be used as a powerful tool for understanding the shopper’s point of view.

In order to gain meaningful shopper insights, the research would involve both exploratory and evaluation methods to gain a more holistic view. By utilizing these two methods, the conductor of the research what the customer says and does. There is a significant difference between the two and having the answer to both is typically what will provide the key insight into the shopper’s behavior. A deep level of data is required in order to make effective decisions. The decisions cannot be based entirely on focus groups because sometimes the information gathered through these focus groups can be dishonest or irrelevant.

Shopper insights provide a deeper understanding of the consumers attitudes and point of views. Using the data obtained through these methods, the business can learn why the shopper behaved in the certain way they behaved, the motivations for their purchase, who were they buying the product for and whether or not the purchase was important or not. These claimed methodologies include interviews, focus groups, observational studies. To determine which shopper is most profitable, the company will need to include specific profit related criteria in the shopper survey.

Importance of shopper insights -

A good shopper insights research team will be able to analyze the collected information, extract insights and create a story which explains exactly what was going on. Once the team has a surmised explanation, the next step will be to determine what the implications are being produced as a result and develop an action plan. The action plan should entail how to stop unwanted shopper behavior and how to promote the desired shopper behavior. Shopper insights will help in providing enough information for generating positive results. Developing shopper insights is not a static process. There are generally some common elements among retailers, like who the shoppers are, what are the types of shopping trips they are on, buying decision type. The retailer’s shopper insights program needs to be unique to formulate more accurate insights about the behaviors of the customers.