Market Research Services: Understanding the Impact of the Digital Era

The market research services industry is evolving at an enormous growth rate. In the United Kingdom alone, the market research industry is estimated to be more than 3 to 4.5 billion pounds per annum.  This phenomenal growth rate is not only seen in the market research services sector but even in the allied areas such as the technological sectors on which the market research industry relies today for its growth.  

In the decade that has gone by, the U.K. market research industry has witnessed tremendous technological development along with accepting this digital transformation with open arms. Let us see how the market research industry has kept pace with the digital age and succeeded in doing the same for the better:

Conducting online surveys using mobile gadgets

Though in the bygone years, technology was used on and off in the field of market research. The onset of 1990 saw the beginning for the conduct of online surveys in the market research services sector. Since then, there has been no looking back as the technological advancement has aided in speeding up the overall process in different areas of market research.

Overall the technological advancement has helped those companies that adapted well to the technological changes as it has helped them in reducing their cost along with making the market research process very simpler.

Better understanding of consumer needs by using technological gadgets

The technological innovation has come as a boon for consumers. With more and more innovations taking place all the time, even consumers have realized the importance of technological usage in various areas of market research such as methodological practices, data assimilation including enforcing of sustainable rules.

Many software companies in U.K. have entered the foray to leverage their techno ability for gathering quick data and that too at a cheap cost. This is no doubt a good sign, but the only hitch being greater competition making it tough and difficult for the survival of traditional market research companies.

Multiple ways of utilizing technology in market research

There are various ways in which a market research firm can engage technology to its advantage, say for instance –monitoring social media activities to gain better knowledge of likes, dislikes, behaviour and attitude of customers.

With mobile technology having taken over, people are better connected today than at any time before. The market research services sector too has embraced this latest techno change. Consumer behaviour studies conducted through mobile surveys enable consumers to complete the surveys at the place and time of their convenience.

Though digital technological innovation has provided plenty of advantages to the market research industry, it comes with its own disadvantages. Issues about consent and privacy of participants are fresh challenges that need to be addressed at the earliest. 

There are also many clients who still prefer the traditional market research practices such as CATI (Computer assisted telephonic interview). In spite of stiff challenges, the techniques and practices of market research will continue to evolve to keep pace with the latest and tremendous technological advancement with an ultimate goal of making reliable and faster data assimilation to help the market research industry.

iResearch Services is one of those leading market research services providing company in U.K. that uses the technology and digital media platforms to conduct market research for global organizations.