With Corona remains the same importance of market research
Overseas market research necessary when preparing for overseas business. In the With Corona era, the flow of overseas market research is also being forced to change.
However, the importance of field surveys remains unchanged. There is no big difference in the setup required for successful local business, such as local market conditions, competition, and surveys of collaborators, in order to expand overseas business and increase sales. Overseas market research is an indispensable process. The reality is that the spread of the new coronavirus has put restrictions on many aspects of business.
What kind of changes are required in such an unprecedented new environment?
This time, we would like to make some proposals for implementing some measures from the perspective of “overseas survey” operations in companies.
Overseas business that is greatly affected by the spread of the new coronavirus
Difficulty of field survey due to movement restrictions
In the With Corona era, the problem is that it becomes difficult for the person in charge to investigate locally.
As many waves are rushing to the number of people infected with the new coronavirus in Japan, it is not possible to control the spread of the virus, the infection spreads again in any region at any time, and the movement of regions and countries is restricted. I don’t know.
Of course, in order to conduct a field survey, personnel for the survey are required, and basically the person in charge of the company conducting such the survey or the person in charge of the contracted research company will do it.
With the restrictions on overseas travel in Corona, it will not be possible to go to the target area and investigate locally as before.
Consumption tendency greatly affected by infection status
In February 2021, vaccination with the new coronavirus finally began in Japan. If these vaccines stop the spread of the infection, economic activity is expected to recover to some extent.
However, if the spread of infection cannot be suppressed for some reason, or if the spread of infection continues, economic activities and consumption activities will continue to stagnate.
At this time, it is difficult to predict when and how much the infection will spread.
For companies, budgeting and investment activities will be carried out based on the prediction of the future infection situation, and by extension, how much economic activity and consumption activity will return, so in the future (1) infection spread situation, (2) the current economy cannot be read. In the situation, the reality is that it is difficult to take measures.
New opportunities created by the spread of the new coronavirus
New hit products due to changes in lifestyle and consumption style
Due to the spread of the new coronavirus infection, people’s consumption tendency has changed significantly because they have less chance to go out and spend more time at home. As the lifestyle has changed to focus on staying at home, new products and services that sell well have emerged.
For example, in Japan, not only masks and disinfectants, but also surprising products and services such as games, cooking appliances, and online education have attracted a great deal of attention. In addition, sales of Japanese animation-related goods and electronics products are increasing in the United States, and sales of bicycles and gardening-related products are increasing in the United Kingdom. Due to changes in lifestyle, consumption trends are also changing significantly around the world.
New products have come to light due to lifestyle changes and increasing online purchasing opportunities.
Conversely, this major change in purchasing style can be an opportunity to sell products that have not been noticed until now.
There are opportunities for new products and services that can uncover unprecedented needs due to changes in lifestyle.
Qualitative change in sales channels from storefront to online
Increasing online sales opportunities also means that product appeal is more important. Internet reputation is more important for sales growth than the opportunity to get it directly at a local retailer.
Being able to sell online means that there is no need to maintain a supply chain to retail stores, and business is established by a simple flow of receiving orders online on the EC site and shipping from the warehouse.
Until now, sales activities to line up at retail stores have been very important, but we are entering an era in which product power is more important than the size of those sales networks. It is a style to purchase more carefully by checking the information and reputation of the product on search and SNS.
If it was sold in stores, we could secure a certain number of opportunities for consumers to see it due to the flow of people, but since all kinds of products are sold online, we are conscious of differentiation compared to competing products. Then, it is necessary to consider the information and reputation that reach the consumer when selling.
How you want to use it rather than how you want to see it
For example, the hit products in 2019 include tapioca and handy fans, and the boom products that focused on style rather than function were hit. Compared to these, we can see that in 2020, when the spread of the new coronavirus spreads, people will accept products based on the deep needs of consumers.
As the number of outings has decreased and the eyes of others have decreased, the number of scenes of “buying because it is valuable to me” is increasing rather than “buying because it is fashionable”. As a result, there is a growing demand for products that are based on deep consumer insights and needs rather than booms, trends and impulsive desires.
Consumers can afford to scrutinize their purchases because they are “always available” and “take time to arrive” online. Because you can only buy at stores, there are relatively few impulse purchases online that you would buy on the spot.
For example, even if you buy sweets at a convenience store, you probably don’t feel like buying sweets online as well. That’s because even if you buy it, it will arrive after tomorrow, and at that time you may not feel like eating sweets. In addition, since there is no such thing as “buying because it is recommended by a clerk locally”, consumers are required to know the product more independently, and there are more opportunities to check the product knowledge by themselves.
In order to decide what to buy based on “necessity” and “reason” rather than “mood” and “impulsive desire”, consumers such as reputation on the Internet, product description (specs, etc.), story, etc. By preparing product information that can be checked on the Web, consumers can buy with greater peace of mind. Sellers of products and services may lead to further sales expansion by adjusting the flow of delivery to consumers to suit the new era.
Importance of continuous research on local needs and trends
As I have told you so far, new markets are being created all over the world due to changes in consumption styles and values due to the spread of the new coronavirus infection.
As lifestyles and values change, new products and services that are different from the previous ones are attracting attention. Since the spread of infection began in March 2020 and the lifestyle has begun to change with it, less than a year has passed and the seasons have not passed, new products and services that have not yet been discovered are sleeping. Probably.
This new market is a huge business opportunity. Providing products and services that match the ever-changing consumption styles and values provides an opportunity for many to accept. Regular surveys of the target area are essential to capture these changes. By conducting questionnaire surveys, hearing surveys, and news surveys, you can grasp local needs and trends.
By conducting fixed-point observations of overseas surveys, we can see trends in hits in each region of the world. By observing at a fixed point, you can notice changes in consumption consciousness and consumption tendency faster. Products and services that are quick to notice these changes and can meet the new needs of consumers will become widely accepted.
The latest consumer consciousness and consumer trends have already spread to some extent by the time they are seen in the media news, so the timing is already late, and daily continuous primary information and direct consumer data are available. You will need to work to get it.
