Market Research's Top 5 Tech Trends to Follow
Technology is now responsible for leveraging data speed, accuracy, and transparency in addition to privacy. Trends in market research are also influenced by technology. Let's examine the technological advancements that market researchers should pay attention to.
The Top 5 Technology Trends for Market Research
1. Machine learning
How come AI is present in every industry if not in market research?Forecasting the future through historical data and human interaction is the focus of market research. Furthermore, AI naturally carves out a place for itself in the realm of predictions. Many of the routine duties that academics conduct can be handled by AI, freeing them up to work on more human-worthy projects like creativity, invention, and brainstorming.
Using machine learning algorithms and customer research, artificial intelligence (AI) assists in sifting pertinent data from massive databases. Reducing human engagement in repetitive processes can help you obtain data with low mistake rates. AI streamlines human operations and makes accurate data collecting possible in real-time. This helps researchers concentrate less on gathering data and more on developing insights.
AI-based autofill options and suggestions ease your users' efforts when it comes to open-ended data collecting and queries with lengthy responses. Artificial intelligence's sentiment analysis of replies minimizes human interpretation.
2. Interactive, Mobile-Only Surveys
It's not that long-form surveys with open-ended questions are out of date; rather, as was already said, artificial intelligence lessens their drawbacks. Your users can now take part in short, entertaining, gamified questionnaires and surveys.The majority of items have been reduced to smartphone displays. Contactless processes are another new development. Therefore, research would focus on contactless and mobile-first surveys with clear formats. The user experience with these forms is likewise excellent.
Users can utilize facial recognition to fill out the forms without having to interact with other people or devices. Through facial signals, the form is able to interpret their emotions.
To capture their replies, you would include additional emoticons in your forms. With just a single screen tap, sliders and star-rating questions will reduce the work that your respondents must do. The surveys would still contain a significant amount of multiple choice items. Consider using smileys on forms to convey feelings.
3. Blockchain
Because blockchain transactions are unchangeable, it increases system trust. This promotes transparency, confidence, and trust throughout the network. From one end to the other, nothing but the truth flows.Participants in market research, including those in focus groups, interviews, and internet polls in the Singapore, India, and other countries, are curious about what happens to their data once it is collected. In a blockchain network, the information gathered is unchangeable. Thus, the dashboards would reflect what is put in.
Additionally, the responders confirm the accuracy of their data and are aware of its usage. Researchers are required by a blockchain system to obtain respondents' consent before consuming their data. The accuracy and comprehensiveness of the data provided by the respondents are also influenced by transparency and confidence. Half-baked data wouldn't lead to biases or distort studies and findings.
4. Voice assistants and chatbots
Chatbots have been beneficial to businesses in the helpdesk and customer care domains. Similarly, chatbots support market research, where a great deal of communication takes place between research firms and participants.These days, interactive and AI-enabled chatbots are all the rage because, when they are old enough, they can respond to queries and help users much like a human assistant.
The trouble of downloading lengthy surveys, memory-intensive software, and demanding interactions is eliminated with chatbots. You can send out a brief survey by text message or social media. After receiving a notification, users immediately log on to complete the information.
You can't help but use voice-based data reporting since it's so enjoyable. To obtain real-time insights, simply pose an open-ended question to Alexa or Siri, being as descriptive as you like. Maybe your responders would be happy to respond to a voice assistant's query as well!
5. Big Data and Data Analytics
Artificial Intelligence facilitates and expedites data collecting, but big data maintains, separates, and combines vast amounts of data from several sources. Nowadays, there is an abundance of individuals and company data in the world. A typical relational database would go crazy trying to gather data in such circumstances. The solution to that lies in big data.Data analytics is used to create visualizations for a range of reports and studies that are based on research. Analytics also aids in forecasting future events by utilizing historical data and trends.
Analytics, charts, and insights all come into play when discussing data and business intelligence. Although the basis of these fancy words is data analytics, surveys and research projects only ever produce reports in the end.
These reports contain valuable information derived from data analytics. More advanced data analytics subfields, such as augmented, predictive, and prescriptive analytics, will be available to support market researchers in the future.
In summary
Every day, technology becomes more and more ingrained in society. Since market research essentially measures the pulse of society as a whole, it is not an exception.In the post-pandemic era, technologies will have an even greater obligation to make market research less painful and more customer-centric. Horizons are the limits of market research, so let's see what comes next. Let's embrace the power of analytics, AI, and conversational everything in the interim.
