Every business wants to be agile in today’s market, but what exactly does that mean? One thing all market researchers can agree on is that nothing is a given these days. Shoppers are unpredictable. Traditional research methodologies often require more time for completion, which only works if you’re not in a time crunch. And then there’s the pandemic, during which we saw panic buying, supply chain shortages, logistics hurdles aplenty, and rising costs. Even with the pandemic largely behind us, we’re still feeling the effects today. Throw in an eastern European war in the wheat belt of the northern hemisphere, and it’s enough to give any brand manager a headache.
Supply chain issues require fast analysis and even faster solutions. Longer-term market research can’t provide the kind of timely insights that retailers really need, to overcome global supply chain crunches. The answer to the rapid and unpredictable market fluctuations we’re seeing is agile research.
It’s a Busy Time for Consumers, Retailers, and Researchers
October signals the start of the busiest time of the year (the high point on the rollercoaster ride!) for many shoppers, parents, brands, retailers, and researchers. Consumer behavior is impacted by a rapid succession of events from now right up until the new year. Holidays, travel, preparations for inclement weather, and increased school functions all influence shoppers’ buying behaviors. Add to that global supply chain issues like stock shortages, logistics snags, and increased cost of materials, and brands are under enormous pressure to successfully navigate the gauntlet that is 2022’s final months.
We know that consumers are beginning their holiday shopping sooner, with issues like stock shortages and price increases front-of-mind for most. But what else are your buyers thinking, and how will that affect their behavior over the coming months?
Agile research is crucial to assist brands in making it through the holiday season and into 2023. But market research projects that take a month or more to complete won’t deliver results in time to be acted upon. To really gauge shopper sentiment, trends, and behaviors in time, only agile research that measures just-in-time supply chain challenges will do.
Agile Research to adapt to Supply Chain Challenges
The supply chain is one that can be broken. Like any chain, it’s only as strong as its weakest link. And right now, many of those links are facing pressures – some unprecedented and unpredictable. The supply chain does, however, have some inherent flexibility, if you know where to look. Agile research methods provide tighter turnarounds for timely insights that expose areas of flexibility and allow retailers and manufacturers to take advantage of these. Here are three of the top agile research methods brands should be considering, this holiday season and beyond:
Micro-surveys: Frequent micro-surveys around what people are shopping for help brands get ahead of customer behavior – knowing what they want and when they want it means being able to merchandise and promote effectively (hint: shoppers want things earlier than they did in previous years – most consumers are beginning their holiday-season shopping in mid-October these days).
Use technology: Virtual reality technology and online environments provide fast feedback for optimization. Automated reports are available in days, rather than weeks, and a customizable, modular approach like that of ExplorerEXPRESS means brands can get the insights they need, in time to optimize their initiatives.
Audits: Audits uncover where supplies are being shopped down and help keep merchandising teams apprised of changes and upcoming shortages, so they can adapt quickly. Speed is everything in today’s market, especially during the holiday period. Agile research methods like auditing can be used to then reward loyal customers in your membership program. For products facing shortages, limiting purchases to members only can build loyalty rather than deplete it, for example.
Tracking and supply solutions: Auditing can be extended to track shortages across portfolios, allowing strategic supply solutions. Stores with multiple markets can audit to discover high demand for certain products and redistribute from markets where stock levels aren’t being depleted as quickly to those that are facing shortages. Redeploying merchandise to stores that need it from markets that aren’t seeing the same demand is a smart business strategy that’s achievable with agile research methods such as audits.
Agile Research from the Experts
Managing supply chain shortages is trickier than ever during the holiday period and paired with global pressures like enhanced inflation, raw material shortages, and continuing logistics issues, the pressures are immense. Successfully navigating the holiday season and inevitable supply chain shortages is not an insurmountable task. It simply requires agile research solutions, to get you the answers you need, when you need them.
Contact us to find out more about our agile market research solutions.
