Nielsen Hong Kong has rolled out the Omni Shopper Dynamic Dashboard, an industry-unique benchmark measuring Omni-Shoppers, that enables marketers to track performance data across categories and retailers in order to review their strategies more timely as well as adapt to the rapidly-changing consuming behaviors and retail landscape, especially with uncertainties like COVID-19.
The Omni Shopper Dynamic Dashboard aims at allowing marketers to adopt a forward-looking approach by understanding how online and offline purchases perform across categories, the transition in behaviors across categories and how behavioral shifts impact retailers and retailer switching.
Learning How Online Purchases Perform Across Categories
With the emergence of COVID-19 in Hong Kong, there is a significant increased interest from consumers for online purchases which varies from one category to another. The first quarter of 2020 marked significant growth of online purchases compared with the previous year for most of the super categories. In the past, marketers could not have a whole picture of e-commerce performance. Now, through Omni Shopper Dynamic Dashboard, marketers can finally have access to the full picture of the growth of the online sector per category and at the same time track the impact of the current situation on online shopping behavior (i.e., how often, how much).
Understanding the Transition in Consumer Behaviors Across Categories
Getting to know the category performance will never be enough amid the ever-changing consumer landscape. It is essential for marketers to understand in a glance the deep-dive analysis of how consumers behave in terms of purchase frequency and basket size, where consumers shop, which categories have the most gravity in their share of wallet and how the importance of each category is evolving across time. With a thorough and broad overview of the above, marketers can optimize the marketing budget to articulate progressive strategies for their products.
How Consumers Behavioral Shifts Impact Retailers And Retailer Switching
Retailer switching is a reality that gained even more weightiness with the uncertain economic situation. It is therefore important for marketers to realize what factors are driving the growth or decline in each retailer, including entry/exit of the market, repertoire of super-categories, value per buyer etc. Consumer behaviors may vary from one retailer to another considering differences in product assortments, prices and overall strategies. The Omni Shopper Dynamic Dashboard makes it possible for marketers to formulate strategies and determine which channel to invest in by identifying how consumers behave at each retailer and for each category and how it impacts retailers’ growth or decline.
“Always keeping abreast of the time, Nielsen Hong Kong initiated this powerful and extensive Omni Shopper Dynamic Dashboard for marketers to be a step ahead to tackle the volatile situation with the true omnichannel overview. The new normal has forced consumers into different purchasing behaviors. Through this dashboard, marketers are able to understand these changes from switching trends between retailers to understanding what KPI’s contribute most to retailers’ evolution so that they can adjust their strategies accordingly,” said Vaughan Ryan, Managing Director Consumer Intelligence Asia.