The annual IFA event is the world’s most significant technology marketplace. It’s no surprise that this is where the industry comes to debate the topics that matter. In September 2020, we focused on the impact of Disruption, Acceleration and Data Overload. Here’s what our three senior presenters had to say:
Peter Feld, CEO, set the scene at the opening keynote. There are three important signals in markets today: Disruption, Acceleration and Data Overload. These present opportunities as well as challenges, and we believe we can work together to inject and sustain growth into the industry. They are:
Disruption: 83% of shoppers have changed the way they buy products during COVID-19. The virus has been a catalyst in accelerating this trend, and it means businesses must radically transform – small changes aren’t enough in this new competitive environment.
Acceleration: We’ve tracked a 64% increase in sales for those retailers that have embraced e-commerce. Today’s organizations need to rethink how they operate – they must be agile to succeed in the future.
Data Overload: Today’s significant volumes of data make it challenging for businesses to identify the signals from the noise. To make meaningful decisions.
At GfK, we too have faced disruption, and our response is gfknewron, an AI-powered intelligence platform that provides predictions and recommendations for businesses.
Sean O’Neill, chief product officer at GfK explains that during times of disruption you need perspective. COVID-19 has accelerated the move to online, and with it, the importance of omnichannel. We’ve also seen fundamental, irreversible changes in consumer behavior that will characterize the future. Consumers are rethinking how and where they shop. 60% will avoid shopping malls and outlets, and 59% will increase home deliveries. More shoppers are buying through social media, and direct from brands. How can retailers and brands compensate for the loss of the store? To win share, brands need to be consultative, educational, and trusted. Teams need to be equipped with far better short-term forecasting to make sense of consumer shocks and rebounds in markets and categories. Predictions and recommendations will be essential for success.
Warren Saunders, President Strategic Accounts: The key word is trust. Our research during COVID-19 showed us that brands ‘with a purpose’ performed better. 80% of people said that how a brand acted during a crisis will determine if they buy from them in the future, 75% noticed when companies were a force for good. A majority also noticed when companies were taking advantage at 78%. But there are other forces at play. Unprecedented change has driven consumers to try other brands, and many are sticking with their discoveries. Market share is fluctuating, so now more than ever, brands need accurate information on channel strategy, price, promotions, and marketing.
