Market Research is the Key Ingredient

As usual, Amazon is on the move and presenting even more great ideas. In 2017, we have plenty to look forward to when it comes to shopping. Amazon will be opening the Amazon Go store to the public in early portion of the new year. The store will be like no other grocery store. There will be no cashiers, instead shoppers will use a mobile app to enter the store, gather what they need, and walk out. This takes artificial intelligence to the next level as innovative  “walk out technology” will track what  customers placed in their shopping bags and charge their Amazon accounts for those items. They are also making strides in their drone delivery system as well . The company’s first commercial drone delivery was announced last week. As large companies like Amazon strives towards creating an easy and fast shopping platform for users, these concepts leave room to be explored through market research. Amazon is accelerating technology and influencing consumer behavior. To complete these tasks effectively and keep the momentum going, an intense amount of market research is necessary.

With every new technological update or product release, there is a sense of unpredictability with how the consumer will react. This is where market research becomes pivotal. Conducting research before, during, and after the update can help understand the consumers’ mindset and the market conditions that affect their habits. Market research can also help shape and mold product revamps. Amazon is currently conducting research internally with their employee base. The Amazon Go store is currently open to Amazon employees, this a way to test the store before it opens to the public. Once the store is open to the general population, it would be helpful to gather a diversified sample of people who have been to the store and people who have not. Collecting their thoughts and opinions through an online platform could be beneficial in understanding what would draw more people to become customers.

 

Consumers’ behavior is also being influenced by Amazon’s innovations. This behavior is always changing due to what is made available in the marketplace. We have seen the preference of visiting brick and mortar facilities ebb and flow as online shopping has made great advancements. Amazon has ventures in both of these avenues and because of their impact on the market, it directs consumers towards their products. For example, the drone delivery service fuels the consumer’s’ need for immediacy. Although consumers are constantly shopping online, they still want the sense of immediacy achieved when they are shopping in-store. The drone delivery system marries the comfort and ease of online shopping with the sense of immediate access. However, Amazon will still need to conduct more market research to understand how consumers perceive their idea. With mixed emotions regarding the use of drones, market research could be conducted with a sample of the general population to gather public opinion. Amazon could also gather information to establish a price point for the service that  consumers would find acceptable, whether than the consumer resulting to other delivery methods.

 

Ultimately, market research is the key ingredient for a company to be successful. When new products or services are  introduced into the marketplace, in-depth market research offers insights into the consumers’ mindset and predictions on how the product or service will be perceived. Market research can help a company make changes or updates that fit the consumers’ lifestyle as well as show how much they are willing to pay for it. Companies like Amazon who are constantly releasing new innovations can benefit from collecting information through on-line sample.

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For more information on how to conduct market research with online sample, reach out to sales-team@qsample.com

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