Microsoft recently made a substantial commitment to OpenAI’s ChatGPT —a chatbot released late last year, announcing its intent to invest $10 billion, while tech giant Google is scrambling to produce a rival for ChatGPT called Bard.

Artificial Intelligence (AI) is advancing at a remarkable rate, raising several questions about the dangers and risks of an AI takeover in every walk of life.

Artificial Intelligence (AI), the ability of computers to perform tasks that typically require human intelligence, such as speech and image recognition, iterative learning, and creative thinking, has been a touchstone of hope and anxiety for decades.

AI is within reach of many industries, including healthcare, education, retail, and, believe it or not, mining. Of course, the field of market research is no exception.

In market research, will AI put jobs on the chopping block, or will it set off a renaissance of new market research innovation and jobs? Will machine learning in market research annihilate the human element or propel the industry forward with accelerated momentum?

Stephen Hawkings cautioned the world about the rise of artificial intelligence.

These questions have been a major source of anxiety for many. But before we dive into these questions, let’s look at a brief history of AI, the types of AI, and how to use AI.

A Brief History of Artificial Intelligence

Let’s look at how AI has evolved over the past few decades.

Artificial Intelligence can be divided based on capabilities and functionalities.

There are three types of Artificial Intelligence-based on capabilities.

Narrow AI

Also known as Weak AI, Narrow AI specialises in one task and cannot exceed its boundaries. This subset of AI is advancing in that single domain, becoming more ubiquitous in everyday life as machine learning and deep learning progress.
Let’s look at the capabilities of Narrow AI using real-world examples. From the iPhone’s Siri virtual assistant to self-driving cars, utilising vision recognition and product recommendation engines, this type of AI utilises pre-programmed abilities to serve users but often fails to assist with tasks outside its scope. On the other hand, IBM Watson is an advanced data analytics processor that employs natural language processing, an advanced technology that deciphers human language for syntax and significance. Watson has the power to rapidly perform analytics on enormous volumes of data to respond to human inquiries accurately. Interestingly, Watson competed and outsmarted a contestant on the popular TV game show Jeopardy!

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Other popular examples of Narrow AI include Google Translate, image recognition software, recommendation systems, spam filters, and Google’s page-ranking algorithm.

General AI

General AI, otherwise known as strong AI, is a form of Artificial Intelligence (AI) that has the potential to understand and learn any task a human being can. AI researchers have yet to develop this technology to its fullest capacity, needing a method to give machines the ability to think cognitively.

Fujitsu has built the K computer – one of the world’s fastest supercomputers- to create strong AI. Meanwhile, China’s Tianhe-2 has been deemed the most powerful supercomputer in the world, as it can calculate 33.86 petaflops (quadrillions of cps). This still needs to catch up to what the human brain can accomplish.

Super AI

Artificial Superintelligence (AI) has surpassed human intelligence and can do any task more efficiently than a person. Super AI is imagined to be so close to the human sentiment that it not only comprehends them but can create its own feelings, requirements, opinions, and wishes. As of now, its concept remains just hypothetical. However, it is thought to possess significant abilities like contemplating, resolving issues, and generating its own judgments and decisions.

In terms of functionality, there are four main types of Artificial Intelligence.

Purely Reactive

As the name suggests, these AI machines do not use any data or memory. They specialise in one field. An example would be in a chess game where the machine observes the player’s moves and makes the best possible decision to win.
Limited Memory

These machines use previous data, but memory is limited. They have enough previous data to make decisions, but their memory is minimal. An example is suggesting users a convenience store based on the location data.

Theory of Mind

This type of AI goes beyond hard data and can interpret emotions and thoughts.

Self-Aware

Self-aware machines are smart as well as conscious. These are the future of AI.

So how does AI work?

Artificial Intelligence utilises an abundance of data and intelligent algorithms, in tandem with high-speed processing, to understand patterns in the data and self-teach accordingly.

Artificial Intelligence is expected to revolutionise the market research industry in several ways:

Data Collection and Analysis: AI-powered tools can collect, process and analyse large amounts of data faster and more accurately than humans, leading to more comprehensive and actionable insights.
Customer Insight: AI can help uncover hidden patterns and connections in customer data, providing deeper and more personalised insights into consumer behaviour.
Predictive Analytics: AI-powered predictive analytics can help companies anticipate consumer behaviour, market trends, and buying patterns, allowing businesses to make more informed decisions.
Sentiment Analysis: AI can analyse large volumes of customer feedback, social media data, and other unstructured data sources to provide insight into consumer opinions and emotions.
Chatbots and Virtual Assistants: AI-powered chatbots and virtual assistants can interact with consumers and collect data, freeing up researchers’ time to focus on analysis and interpretation.
Improved Efficiency and Accuracy: AI can automate repetitive tasks, reducing errors and allowing market researchers to focus on more creative and strategic initiatives.

Artificial Intelligence is a powerful tool that can significantly enhance the work of market researchers, but it is unlikely to replace them completely.

Here are some ways in which AI will not replace the role of market researchers:

Interpretation and Analysis: AI can provide vast amounts of data and insights, but it is up to market researchers to interpret the results and provide meaningful insights and recommendations.
Creative Problem-Solving: Market researchers are responsible for devising and executing research strategies, which requires creative problem-solving and human intuition. AI is not capable of replacing this critical aspect of the research process.
Ethical Considerations: AI operates based on algorithms and data inputs, sometimes resulting in biased or unethical outcomes. Market researchers must consider ethical considerations and ensure that research methods and results align with the values and goals of the organisation.
Communication and Presentation: Market researchers are responsible for communicating the research results to stakeholders, which requires strong communication skills, the ability to tell a story, and the ability to present data in an engaging and actionable manner.
Contextual Understanding: AI operates based on patterns and algorithms, but it cannot replace the human understanding of context, culture, and individual circumstances that is critical to providing meaningful insights.

AI disruptions are everywhere.

AI is quickly disrupting how brands approach customer service, product creation, marketing, and data analysis. Companies are beginning to integrate AI into many aspects of their operations. Here are a few of the major brand disruptions that AI is bringing to the market:

One brand that has caused a disruption in the marketplace through AI is Amazon. By incorporating machine learning, Amazon has made real-time decisions to respond to customer needs. By taking into account past customer behaviours and preferences, Amazon offers personalised product recommendations. Amazon has also used AI-enabled facial recognition technology in their warehouses to automate and improve the inventory process.

Another brand that has disrupted the market using AI is Microsoft. Microsoft provides businesses with advanced predictive analytics and natural language processing capabilities through its Azure AI platform. With these features, businesses can use machine learning to develop more accurate forecasting models. Additionally, brands can more effectively identify customer trends and behaviour, enabling them to respond quickly to changing customer demands.

Finally, Tesla is another company that has used AI to disrupt the market. The company has enabled its autonomous vehicles to read and recognise their environment using computer vision. This allows their cars to recognise traffic signals and lane markings, resulting in a safer driving experience. Additionally, their AI-powered Autopilot system allows their cars to make real-time adjustments to improve their driving performance.

Will robots dominate the world?

Artificial Intelligence has progressed at a phenomenal rate, and its expansive possibilities have prompted fears about the probability of an AI takeover.

In Nick Bostrom’s book Superintelligence, the opening story “The Unfinished Fable of the Sparrows” offers a parable of how AI’s growing strength and abilities can stir feelings of unease and worry. The story follows some sparrows that sought a pet owl, disregarding the worries of one sparrow that cautioned about the difficulty of controlling such a creature. Instead of addressing this doubt, the group simply deferred the issue for future resolution.

Elon Musk, the founder of Tesla, SpaceX, and Neurolink, has also openly expressed the potential dangers of AI. However, since the benefits of AI are enormous, he suggests a regulatory body to minimise the dangers and risks associated with it.

Overall, while AI can significantly enhance the work of market researchers, it will not replace their expertise and creativity. Instead, market researchers will likely embrace AI as a tool that enables them to do their jobs more efficiently and effectively.

The year is 2033, and the field of medicine has changed significantly. Wearable med-tech devices are everywhere, providing real-time monitoring of patient health and enabling healthcare providers to detect potential issues before they become serious. Innovative technologies such as artificial intelligence and robotics are used to improve diagnosis, treatment, and patient outcomes. Welcome to the future of med-tech.

According to a recent report, the global medical technology market is expected to grow at a compound annual growth rate of 5.6% from 2021 to 2028, driven by the increasing prevalence of chronic diseases, technological advancements, and rising healthcare expenditures. As the med-tech industry continues to evolve, so do the challenges and opportunities for growth.

The Current State of the Med-Tech Industry

The med-tech industry has been undergoing a rapid transformation over the last few years, driven by technological advancements, changing patient needs, and increasing healthcare expenditures.

One of the major trends in the med-tech industry is the increasing adoption of digital health solutions. With the rise of smartphones, wearables, and other connected devices, patients are more engaged in their health than ever before. This has created a growing demand for digital health solutions that allow patients to monitor their health, track their progress, and communicate with their healthcare providers.

Another trend in the med-tech industry is the increasing focus on patient outcomes. As healthcare shifts from a volume-based to a value-based model, providers increasingly seek solutions that can improve patient outcomes and reduce costs. This has created a growing demand for technologies that can improve diagnosis, enhance treatment options, and streamline operations.

Despite the many opportunities in the med-tech industry, there are also significant challenges that need addressing. One of the biggest challenges is regulatory compliance. Med-tech companies must comply with complex regulations, including the FDA’s Quality System Regulation and the European Medical Devices Regulation. This can make it difficult for companies to bring innovative products to market quickly and cost-effectively.

Another challenge in the med-tech industry is cybersecurity. With the increasing use of connected devices and digital health solutions, there is a growing risk of cyberattacks that can compromise patient data and disrupt operations. This has created a need for med-tech companies to invest in cybersecurity solutions that can protect their systems and data.

Despite these challenges, the med-tech industry is poised for continued growth in the years ahead. According to a report by Grand View Research, the global medical device market will reach $612.7 billion by 2025, driven by factors such as increasing healthcare expenditures, aging populations, and the growing prevalence of chronic diseases.

Med-tech Timeline

The term “med-tech” is believed to have been coined in the late 1990s, around the time when the med-tech industry was undergoing rapid transformation due to the rise of digital health solutions and other technological advancements. However, the roots of the med-tech industry can be traced back centuries, with the development of various medical devices and technologies that have revolutionised healthcare over the years.

1895: The X-ray is invented, revolutionising medical imaging and diagnosis.
1928: The discovery of penicillin marks the beginning of the antibiotic era.
1952: The first artificial heart valve is developed.
1960: The development of implantable pacemakers leads to significant advances in the treatment of cardiac arrhythmias.
1979: The first MRI machine is developed, providing non-invasive imaging of the body’s soft tissues.
1980s: The development of laparoscopic surgery allows for minimally invasive surgery, reducing patient recovery times and complications.
1998: The first wearable defibrillator is approved by the FDA for use outside of hospitals.
2001: The first continuous glucose monitor is introduced for at-home monitoring of blood sugar levels in patients with diabetes.
2004: The first remote patient monitoring systems were introduced, allowing patients to be monitored at home.
2006: The first wireless fetal monitor is introduced, allowing expectant mothers to monitor their baby’s heartbeat at home.
2010: The rise of digital health solutions and mobile health technologies leads to a new era of patient engagement and personalised healthcare. Wearable fitness trackers and smartwatches have gained popularity, allowing users to track their fitness and monitor their health data, including heart rate and sleep patterns.
2014: The first at-home genetic testing kits are introduced, allowing consumers to analyze their DNA for ancestry and health information.
2016: The FDA approves the first at-home artificial pancreas system for patients with type 1 diabetes, allowing for automated insulin delivery.
2017: The FDA approves the first digital pill, which contains a sensor that can track when the medication is ingested.
2020: During the COVID-19 pandemic, telemedicine and remote patient monitoring technologies increase dramatically, as patients seek to avoid in-person visits to healthcare providers.

The Role of Technology in Driving Growth

In recent years, technology has played a significant role in driving growth in the med-tech industry. From artificial intelligence (AI) to the internet of things (IoT), a wide range of innovative technologies are transforming the way healthcare is delivered.

One of the most promising technologies driving growth in the med-tech industry is artificial intelligence (AI). With its ability to analyze vast amounts of data and identify patterns, AI is well-suited for a range of applications in healthcare. For example, AI-powered diagnostic tools can help healthcare providers to more accurately diagnose and treat a range of conditions, while AI-powered predictive analytics can help identify patients who are at risk of developing certain conditions before symptoms appear. AI is also being used to develop more personalised patient treatment plans based on their unique genetic and environmental factors.

Another technology driving growth in the med-tech industry is the internet of things (IoT). With the proliferation of connected devices, there is a growing opportunity to leverage the IoT to improve patient outcomes and reduce costs. For example, IoT-enabled medical devices can monitor patient health in real-time and alert healthcare providers if there are any concerning changes. This can help to prevent hospital readmissions and other costly complications. The IoT is also being used to optimise hospital operations by using real-time data to manage patient flow, reduce wait times, and improve patient satisfaction.

Other innovative technologies driving growth in the med-tech industry include machine learning, blockchain, and virtual reality. Machine learning, like AI, analyzes large data sets and improves healthcare outcomes. Meanwhile, blockchain is used to create more secure and efficient healthcare data exchanges, while virtual reality trains healthcare providers and provides patients with immersive therapy experiences.

As the med-tech industry continues to evolve, we will likely see even more exciting developments in the years ahead.

Examples of Innovative Med-tech products

Medtronic’s Micra Transcatheter Pacing System

This tiny pacemaker implanted directly into the heart eliminates the need for leads or a surgical pocket under the skin. The device is only 1/10th the size of a traditional pacemaker and has a battery life of up to 14 years. The Micra system has been shown to have a lower risk of complications compared to traditional pacemakers and has been used to treat over 100,000 patients worldwide.

Philips’ Lumify Ultrasound System

This portable ultrasound system can be used with a smartphone or tablet. The small and lightweight device makes it easy to transport to remote or rural areas. The Lumify system provides ultrasound imaging in emergency rooms, critical care units, and in the field during disaster response efforts.

Prosthetics by Open Bionics

This is a UK-based company that develops prosthetic limbs using 3D printing technology. Open Bionics’ prosthetics are lightweight, affordable, and can be customised to fit each individual patient. The company has developed a range of prosthetic limbs for adults and children, including arms and hands, and has received several awards for its innovative products.

Best Practices for Leveraging Innovative Technology

Leveraging innovative technology is essential for driving growth in the med-tech industry. However, it’s important to approach the selection and implementation of technology solutions strategically to ensure they are effective and aligned with business objectives.

The first step in leveraging innovative technology is to assess the needs of your target audience. This requires a deep understanding of the challenges faced by healthcare providers and patients and the opportunities for improving patient outcomes and reducing costs. For example, suppose you are developing an AI-powered diagnostic tool. In that case, it’s essential to understand the specific diagnostic challenges healthcare providers face and ensure the device is user-friendly and easy to integrate into existing workflows.

Another important consideration is identifying key performance indicators (KPIs) for measuring the success of technology solutions. This requires a clear understanding of the business objectives that are driving the adoption of technology. For example, if your objective is to reduce hospital readmissions, your KPIs might include the number of readmissions per month or the average length of patient stay.

Building a solid technology infrastructure is also critical for leveraging innovative technology. This requires investing in the right hardware and software and developing a robust data management system that can support the collection, analysis, and storage of large amounts of data. It’s also important to have a team of experienced technology professionals who can manage the implementation and maintenance of technology solutions.

To ensure the effective implementation of innovative technology, it’s important to have a strong focus on user adoption. This requires engaging with healthcare providers and patients to understand their needs and preferences and designing technology solutions that are intuitive and user-friendly. This approach has been shown to be effective in increasing adoption rates and improving outcomes. For example, a study published in the Journal of the American Medical Association found that an AI-powered diagnostic tool was more effective when healthcare providers were engaged in the development process and provided with training and support.

Case Studies from Around the World

Innovative technology is transforming the med-tech industry worldwide, with companies using advanced solutions to improve patient outcomes, streamline operations, and drive revenue growth. In this section, we will showcase some case studies from around the world that illustrate how innovative technology is driving growth in the med-tech industry.

United Kingdom

Sensyne Health is a UK-based healthcare company founded in 2018 by Lord Paul Drayson. The company uses artificial intelligence (AI) to develop innovative healthcare solutions that improve patient outcomes and reduce costs. Sensyne’s clinical AI technology is used to create predictive algorithms to help healthcare providers identify patients at risk of developing certain conditions. By analyzing patient data in real-time, Sensyne’s technology can help clinicians to identify patients who may benefit from early intervention, ultimately leading to better health outcomes and reduced costs.

Sensyne has partnered with several UK-based hospitals and research organisations to develop and test its solutions. One notable partnership is with the University of Oxford’s Big Data Institute. Sensyne is working with researchers to create predictive models for conditions such as heart failure and sepsis. Using AI to analyze large datasets, Sensyne, and its partners can develop highly accurate predictive models to help clinicians make better decisions and improve patient outcomes.

In addition to its partnerships, Sensyne has also reported impressive financial results. In 2020, the company reported a 43% increase in revenue, driven by strong demand for its technology solutions. Sensyne has also secured several large contracts with UK-based healthcare providers, including a partnership with Chelsea and Westminster Hospital NHS Foundation Trust to develop a digital early warning system for patients with COVID-19.

By developing predictive algorithms and using AI to analyze patient data, Sensyne is helping improve patient outcomes and reduce costs, securing impressive financial results, and establishing partnerships with leading healthcare providers and research organisations.

Europe

Ada Health is a Berlin-based company that has developed a mobile app that uses AI to help patients diagnose their symptoms. The app asks users questions to determine the possible causes of their symptoms and provides personalised health recommendations. Ada Health partners with several European health systems, including the UK’s National Health Service (NHS). It is helping to reduce the burden on healthcare providers by empowering patients to take a more active role in their healthcare.

USA

Atrius Health is a US-based healthcare organisation that is at the forefront of using virtual care technology to improve patient outcomes and reduce costs. The organisation was founded in 2004 and is headquartered in Newton, Massachusetts. Atrius Health provides a wide range of healthcare services to patients in the New England area, including primary care, speciality care, and behavioural health services.

By leveraging virtual care technology, Atrius Health can connect patients with healthcare providers remotely, reducing the need for in-person visits and improving patient access to care. In recent years, the organisation has reported significant improvements in patient satisfaction, clinical outcomes, and cost savings.

One example of Atrius Health’s success is its implementation of virtual group visits, which allow patients with similar conditions to receive care together remotely. By connecting patients with each other and with healthcare providers, virtual group visits have been shown to improve patient engagement and satisfaction while also reducing the need for in-person visits and improving health outcomes. According to Atrius Health, patients who participated in virtual group visits for diabetes management had a 5.9% reduction in HbA1c levels, compared to a 2.4% reduction for patients who received usual care.

Atrius Health has also reported significant cost savings due to its virtual care initiatives. According to a recent report, the organisation saved more than $15 million in 2019 using virtual care technology. In addition to cost savings, virtual care has allowed Atrius Health to expand its reach and provide care to patients in rural and underserved areas.

By implementing innovative solutions like virtual group visits and focusing on patient engagement, Atrius Health has established itself as a leader in the med-tech industry, with a strong track record of success and a commitment to improving patient outcomes.

India

Practo is an Indian healthcare company that has developed a mobile app that allows patients to book appointments with healthcare providers, access their medical records, and communicate with their healthcare team. The app allows patients to save time and improve their access to care. Practo has also developed a telemedicine solution that enables patients to consult with healthcare providers remotely, improving access to care for patients in rural areas.

Japan

Sony is a Japanese electronics company expanding its presence in the med-tech industry. One of Sony’s recent developments is a wearable device that can monitor vital signs, such as heart rate and blood pressure. The device uses advanced sensor technology to provide real-time patient health monitoring, allowing healthcare providers to detect potential issues before they become serious.

In 2018, Sony announced the release of its wearable device, the Wena Wrist Pro. The device has sensors that can detect heart rate, blood pressure, and other vital signs. It also has an NFC chip, allowing users to make payments and access public transportation. The device can connect to a smartphone app, allowing users to monitor their health data and share it with healthcare providers.

The Wena Wrist Pro has been used in several hospitals in Japan to improve patient outcomes and reduce costs. For example, in 2019, Sony partnered with Osaka University Hospital to conduct a pilot study using the Wena Wrist Pro to monitor patients with congestive heart failure. The study found that the device was effective in detecting changes in patient health, allowing healthcare providers to intervene before serious complications occurred.

Toshimoto Mitomo, Deputy Senior General Manager of Sony’s AI Robotics Business Group, says, “We see healthcare as a very important business domain for Sony. We are committed to developing technology that can help people lead healthier, more fulfilling lives.” In addition to the Wena Wrist Pro, Sony is also developing other healthcare technologies, such as a biometric sensor that can measure stress levels and a robotic pet that can provide companionship for elderly people.

Overall, Sony’s development of the Wena Wrist Pro is an example of how wearable technology can be used to improve patient outcomes and reduce costs in the med-tech industry. With its advanced sensor technology and smartphone connectivity, the Wena Wrist Pro has the potential to revolutionise the way patients and healthcare providers monitor and manage health.

China Ping An Good Doctor is a Chinese healthcare company that has developed a telemedicine platform that connects patients with healthcare providers remotely. The platform uses AI to provide diagnosis and treatment recommendations and has been used by millions of patients across China and Southeast Asia. The company has reported significant growth in recent years, driven by increasing demand for telemedicine solutions in the region.

Singapore

Holmusk is a Singapore-based healthcare company at the forefront of using innovative technology to improve mental health services. The company was founded in 2015 by Nawal Roy and has since established itself as a leader in the med-tech industry, focusing on using AI to provide personalised therapy for patients.

Holmusk’s mental health platform, “Big White Wall,” uses AI to analyze patient data and provide customised treatment plans. The platform can identify potential risk factors for mental health issues, such as depression and anxiety, and provide early intervention to prevent serious complications. The platform also includes a community feature, allowing patients to connect and share experiences.

Holmusk has partnered with several healthcare providers in Singapore to improve access to mental health services. One notable partnership is with National University Hospital (NUH), where Holmusk provides its mental health platform to patients with chronic illnesses. According to NUH, the partnership has resulted in a 30% reduction in hospital admissions and a 60% reduction in emergency department visits among patients with chronic illnesses.

In addition to its partnerships in Singapore, Holmusk has expanded to other countries in the region, such as Malaysia, Indonesia, and the Philippines. The company reported impressive growth in recent years, with a 50% increase in revenue in 2020 and a valuation of over $100 million.

According to Nawal Roy, Founder and CEO of Holmusk, “Our mission is to improve mental health outcomes for millions of people around the world. By using AI to provide personalised therapy, we are helping to address the global mental health crisis and improve access to care for those who need it most.”

Canada

MindBeacon is a Canadian mental health company that has developed an online platform that provides personalised therapy for patients with mild to moderate mental health concerns. The platform uses AI to match patients with licensed therapists and provides access to interactive exercises and guided meditations. MindBeacon has partnered with several Canadian employers and health plans to improve employee access to mental health services.

Thailand

OmiseGO is a Thai fintech company that has developed a blockchain-based payment system for healthcare transactions. The platform allows healthcare providers to securely and efficiently manage payment and insurance transactions, reducing administrative burdens and improving patient experiences. OmiseGO has partnered with several Thai health systems to implement its payment system.

Indonesia

Halodoc is an Indonesian healthcare company that has developed a mobile app allowing patients to consult remotely with healthcare providers. The app provides access to various healthcare services, including telemedicine, pharmacy delivery, and lab tests. Halodoc has partnered with several Indonesian health systems to improve access to care for patients in remote areas.

Vietnam

eDoctor is a Vietnamese healthcare company that has developed a telemedicine platform allowing patients to consult remotely with healthcare providers. The platform provides access to various healthcare services, including online consultations, prescription delivery, and lab tests. eDoctor has partnered with several Vietnamese health systems to improve access to care for patients in remote areas.

Philippines

HealthNow is a Philippine healthcare company that has developed a telemedicine platform that connects patients with healthcare providers remotely. The platform provides access to various healthcare services, including virtual consultations, e-prescriptions, and lab tests. HealthNow has partnered with several Philippine health systems to improve access to care for patients across the country.

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What does the future hold for med-tech?

Futurists predict that technological innovations will significantly impact the med-tech industry in the next decade, with several advancements expected to transform the way healthcare is delivered. Here are a few predictions:

Increased Use of Artificial Intelligence (AI): AI will play an increasingly important role in healthcare in the next decade, with the potential to improve diagnosis, treatment, and patient outcomes. AI-powered tools can analyze large amounts of data quickly and accurately, allowing healthcare providers to make more informed decisions.
More Personalised Medicine: Advances in genomics, wearables, and other technologies are expected to enable more personalised medicine. Healthcare providers can tailor treatments to each individual’s unique needs by analyzing a patient’s genetic makeup and other factors.
Greater Use of Robotics: Robotics will play an increasingly important role in healthcare, with the potential to improve surgical outcomes, assist with rehabilitation, and provide remote care. While robots are unlikely to replace doctors entirely, they will assist with certain tasks, such as surgery, and provide support for patients in areas such as physical therapy.
Telemedicine and Remote Care: The COVID-19 pandemic has accelerated the trend toward telemedicine and remote care, which will continue to grow and evolve. Telemedicine and remote care enable patients to access healthcare services from anywhere, reducing the need for in-person visits and improving access to care, especially in rural or underserved areas.

The med-tech industry is undergoing a period of rapid transformation driven by the power of innovative technology. From AI and machine learning to wearables and telemedicine, technology solutions are improving patient outcomes, streamlining operations, and driving revenue growth.

As the med-tech industry evolves, companies must stay up-to-date with the latest trends and best practices. By assessing the needs of their target audience, identifying key performance indicators, building a solid technology infrastructure, and focusing on user adoption, brands in the med-tech space can position themselves for success in the years ahead.

Want more insight into the world of med-tech? Download our comprehensive trend report “Feeling Good: Powering the Next Gen of Fitness and MedTech” here.

According to a report by MarketsandMarkets, the wearable technology market is expected to reach $54 billion by 2023. Understanding consumer behaviour related to wearable technology is more important than ever. Analyzing consumer behaviour can provide valuable insights for product marketing managers and research executives, enabling them to design products that meet different consumer segments’ needs and preferences and develop effective marketing and pricing strategies.

This blog will examine the various facets of consumer behaviour related to wearable technology, including purchasing habits, usage patterns, and perceptions of the technology. Through this analysis, we can better understand the needs and preferences of different consumer segments and how companies can cater to these needs to stay competitive in this growing industry.

Wearable technology refers to electronic devices worn on the body, typically as accessories or clothing items. These devices are designed to track or collect data related to the wearer’s health, fitness, and daily activities, among other things. Examples of wearable technology products include smartwatches, fitness trackers, and augmented reality glasses.

The benefits of wearable technology from a consumer perspective are numerous. Wearable devices can help individuals track their fitness goals, monitor their health metrics, and stay connected to their digital lives on the go. A recent study by Grand View Research estimated that the global wearable technology market size is expected to reach $104.39 billion by 2027, with the health and fitness segment being the largest market.

However, there are also drawbacks to wearable technology that should be considered. One concern is the potential invasion of privacy, as these devices collect and transmit data about the wearer’s personal life. Another drawback is the potential for distraction and over-reliance on technology, as wearers may become too focused on their devices instead of their surroundings.

As wearable technology continues to evolve, so do its benefits and drawbacks. The late fashion designer Karl Lagerfeld once said, “Technology has to be invisible. Wearable technology must be beautiful.” This sentiment reflects the desire of consumers for devices that not only function well but also look good and feel comfortable to wear.

Despite the potential drawbacks, wearable technology is poised to continue its growth in popularity as more consumers seek to integrate technology into their daily lives. As the benefits of these devices become more widely recognised and as technology continues to advance, wearable technology is likely to play an increasingly important role in the future of consumer technology.

Wearable Technology Timeline

1975: The first wearable computer, the “Wearable Computer for Computerised Conference Control,” is created by Edward Thorp and Claude Shannon.
1994: Seiko releases the first smartwatch, called the Seiko MessageWatch.
1999: The first Bluetooth headset, developed by Ericsson, is released.
2008: Fitbit releases its first fitness tracker, the Fitbit Classic.
2010: The first generation of the Apple Watch is released, marking Apple’s entry into the wearable technology market.
2012: Google releases Google Glass, a pair of smart glasses that use augmented reality technology.
2014: The first Android Wear smartwatches, including the LG G Watch and the Samsung Gear Live, are released.
2015: The Apple Watch Series 1 is released, which includes features such as heart rate monitoring and fitness tracking.
2016: Pokemon Go, an augmented reality mobile game, becomes a worldwide sensation and brings attention to the potential of augmented reality technology in wearable devices.
2017: Fitbit acquires Pebble, a popular smartwatch brand.
2018: Apple releases the Apple Watch Series 4, which includes advanced health features such as an ECG monitor and fall detection.
2019: The global wearable technology market is valued at $32.63 billion, according to a report by Grand View Research.
2020: The COVID-19 pandemic increases demand for wearable technology that can monitor health metrics, such as temperature and oxygen levels.
2021: Wearable devices continue to gain popularity, with features such as sleep tracking, stress monitoring, and more advanced fitness tracking capabilities.

Wearable Tech Consumer Purchasing Habits

Consumer purchasing habits play a crucial role in the wearable technology industry, directly influencing product design, marketing, and pricing strategies.

Here are some of the main factors that influence consumers’ decisions to purchase wearable technology:

Health and Fitness Goals: Consumers who prioritise health and fitness are more likely to purchase wearable technology devices, such as fitness trackers and smartwatches, that can help them monitor their activity levels, sleep patterns, and overall health metrics. According to a 2021 survey by Statista, 53% of wearable technology users in the United States use their devices to track fitness and health.
Fashion and Style: Wearable technology designed to be stylish and aesthetically pleasing can appeal to fashion-conscious consumers. For example, luxury watch brands such as TAG Heuer and Fossil have introduced smartwatches that combine fashion and technology to cater to this market.
Compatibility with Other Devices: Consumers who already own other devices, such as smartphones or laptops, may be more likely to purchase wearable technology compatible with their existing technology. This can include devices that use the same operating system, such as Apple’s ecosystem of products, or devices that integrate with popular apps and services.
Price: The cost of wearable technology devices is important for many consumers. According to a 2021 report by PwC, price was the most important consideration for 60% of respondents considering purchasing a wearable device.

Consumer purchasing habits also vary depending on the demographic and psychographic characteristics of different consumer segments. For example, younger consumers may be more likely to purchase wearable technology as they are more likely to be early adopters of new technology. Similarly, consumers with higher incomes may be more likely to buy luxury wearable devices, while consumers who prioritise environmental sustainability may be more likely to purchase eco-friendly wearable technology.

According to a 2020 report by IDC, the top five wearable technology vendors in market share are Apple, Xiaomi, Samsung, Huawei, and Fitbit. These companies cater to different market segments and offer a range of products at different price points. For example, Apple’s high-end smartwatches and earbuds appeal to consumers who prioritise technology and style, while Fitbit’s fitness trackers cater to consumers who prioritise health and fitness.

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Wearable Technology Usage Patterns

Wearable technology has a wide range of applications and features that make it appealing to consumers. Here are some of the ways that consumers use wearable technology and the features and functionalities that are most important to them:

Fitness Tracking: Wearable technology is popular for fitness tracking, with features like step tracking, heart rate monitoring, and calorie tracking. According to a 2021 survey by Statista, 57% of wearable technology users in the United States use their devices for fitness and exercise.
Health Monitoring: Wearable technology can also be used for health monitoring, with features like blood pressure monitoring, sleep tracking, and medication reminders. This is especially important for ageing populations or individuals with chronic health conditions.
Communication and Connectivity: Wearable technology can be used for communication and connectivity, with features like phone calls, messaging, and social media integration. This is particularly useful for busy professionals or individuals always on the go.
Entertainment and Gaming: Wearable technology can be used for entertainment and gaming, with features like music streaming, video playback, and augmented reality games. This is popular among younger consumers who prioritise entertainment and technology.
Workplace Applications: Wearable technology can be used in workplace applications, such as industrial settings where workers need to be hands-free or in retail environments where workers need to access inventory and customer data quickly.

The features and functionalities that are most important to consumers vary depending on the device’s intended use. For fitness trackers and smartwatches, consumers prioritise features such as battery life, accuracy, and ease of use. For workplace wearables, consumers prioritise durability, connectivity, and compatibility with existing systems.

Usage patterns also vary among different consumer segments. For example, according to a 2021 survey by YouGov, men are more likely than women to use wearable technology for fitness and exercise purposes, while women are more likely to use wearables for health monitoring. Similarly, younger consumers are more likely to use wearable technology for entertainment and gaming, while older consumers prioritise health and fitness tracking.

Brands that have successfully tapped into different usage patterns and consumer segments include Fitbit, Apple, and Samsung. Fitbit’s range of fitness trackers and smartwatches cater to consumers who prioritise health and fitness, while Apple’s high-end smartwatches appeal to consumers who prioritise technology and style. Samsung offers a range of smartwatches with features such as cellular connectivity and long battery life, which appeal to consumers who prioritise connectivity and convenience.

Overall, wearable technology is a versatile and multi-functional technology that appeals to a wide range of consumers. Understanding the different usage patterns and preferences of different consumer segments will be critical for companies in this industry to continue innovating and meeting the evolving needs of consumers.

Perceptions of Wearable Technology

Consumer perceptions of wearable technology play a significant role in the success of these devices in the market. Here are some of the attitudes and beliefs that consumers may have about wearable technology:

Convenience: Many consumers perceive wearable technology as convenient, allowing them to access information and stay connected without pulling out their smartphones.
Health and Fitness Benefits: Consumers who prioritise health and fitness perceive wearable technology as a tool for improving their overall health and fitness goals by tracking their activity levels, sleep patterns, and other health metrics.
Fashion and Style: Consumers who prioritise fashion and style may perceive wearable technology as an accessory that complements their personal style and reflects their personality.
Privacy and Security Concerns: Some consumers are concerned about wearable technology’s privacy and security implications, as these devices can collect and transmit sensitive data about the wearer’s personal life.
Stigma and Social Acceptance: Some consumers may perceive wearable technology as stigmatised or socially unacceptable, especially if the devices are bulky, unattractive, or otherwise conspicuous.
Limited Battery Life: Many wearable devices have limited battery life, which can be a source of frustration for consumers who need to use them throughout the day.

Factors influencing consumers’ perceptions of wearable technology include product design, marketing messaging, and media coverage. For example, Apple’s sleek and stylish smartwatches have helped to rebrand wearable technology as a fashion accessory. In contrast, Fitbit’s focus on health and fitness has helped to position wearable technology as a tool for self-improvement.

In terms of concerns and misconceptions, wearable technology companies have worked to address issues such as privacy and security by implementing data encryption and user consent measures. For example, Fitbit’s privacy policy states that user data is encrypted and anonymous and that users can choose whether or not to share their data with third-party apps and services.

Media coverage and public perception also play a role in shaping consumer attitudes toward wearable technology. For example, the Google Glass project was ultimately discontinued in 2015 due to negative media coverage and privacy concerns. However, other products, such as smartwatches and fitness trackers, have continued to gain popularity as consumers become more comfortable with the technology and its benefits.

Overall, understanding consumer attitudes and perceptions towards wearable technology is crucial for companies in this industry to design products that meet consumers’ needs and preferences and address concerns and misconceptions that may impact adoption rates. As wearable technology continues to evolve and become more integrated into daily life, consumer perceptions and attitudes will be key factors in its success.

Understanding consumer behaviour related to wearable technology can provide valuable insights for product marketing managers and marketing executives. Here are some recommendations and implications for these professionals based on the analysis of consumer behaviour:

Design products that meet the needs and preferences of different consumer segments: Consumer behaviour analysis can help brands identify the segments of consumers likely to purchase wearable technology, as well as the features and functionalities that are most important to them. This information can be used to design products that meet these segments’ specific needs and preferences.
Address privacy and security concerns: Privacy and security concerns are among consumers’ top concerns about wearable technology. Brands should address these concerns, such as implementing data encryption and user consent measures and communicating these measures clearly to consumers.
Emphasise the benefits of wearable technology: Consumers are more likely to purchase when they understand its benefits. Brands should emphasise the convenience, health, and fitness benefits, and other features that make wearable technology a valuable addition to consumers’ lives.
Innovate with new features and functionality: As wearable technology continues to evolve, brands should look for new features and functionality that can enhance the value and appeal of these devices. For example, advances in biometric technology and augmented reality has the potential to open up new possibilities for wearable technology.
Use pricing strategies that cater to different consumer segments: Consumer behaviour analysis can also help product marketing managers and executives to identify the different pricing strategies that are most effective for different consumer segments. For example, luxury smartwatch brands may be able to charge higher prices for their products, while budget fitness tracker brands may need to compete on price to attract price-sensitive consumers.

According to a report by MarketsandMarkets, the wearable technology market is expected to grow at a CAGR of 15.5% from 2021 to 2026, highlighting the importance of developing effective strategies to stay competitive in this growing industry. By considering these recommendations, companies can develop effective product design, marketing, and pricing strategies that cater to the needs and preferences of different consumer segments.

As technology continues to evolve, so will the world of wearable technology. As Steve Mann, a pioneer in wearable computing, once said: “Wearable computing is the next stage in the digital revolution. Combining technology with fashion can make our devices more personalised and integrated into our lives.”

Understanding consumer behaviour towards wearable technology is crucial for brands to design products that meet the needs and preferences of different consumer segments and to develop effective marketing and pricing strategies.

As the wearable technology market continues to grow, companies in this industry will need to stay vigilant and continue to innovate to meet the evolving needs of consumers.

By analyzing consumer behaviour, addressing concerns and misconceptions, and emphasising the benefits of wearable technology, companies can position themselves for success in this dynamic and rapidly-growing industry. As wearable technology becomes more integrated into daily life, the potential for innovation and growth in this field is limitless.

Learn more about the wearable technology industry in our comprehensive trend report Feeling Good: Powering the Next Gen of Fitness and Medtech. Download here.

Move over Millennials; there’s a new kid in town – Gen Z. By 2026, this demographic will account for over a quarter of the world’s population and become the largest consumer group globally, with a purchasing power of over $44 billion. As a marketer, understanding the unique characteristics of this generation is crucial in creating impactful and effective marketing strategies. As the famous quote goes, ‘The future belongs to those who prepare for it today.’ So, let’s dive in and gain insights into the newest consumer market – Gen Z.

Gen Z Demographic Profile

Gen Z, also known as the iGeneration or Post-Millennials, includes individuals born between 1997 and 2012. As of 2023, the oldest members of this generation are 26 years old, and the youngest are just 11 years old.

Gen Z is a highly diverse generation with members from different cultural, social, and economic backgrounds. They are the first generation to be truly digital natives, growing up in a world that has always been connected by technology.

Gen Z is also a socially conscious generation with a strong emphasis on diversity, inclusion, and sustainability. In a global study by The Center for Generational Kinetics, 70% of Gen Z respondents said they believe in equal rights, regardless of race, gender, or sexual orientation. Furthermore, a survey found that 66% of Gen Z respondents in the United States prefer to buy products from companies that prioritise sustainability.

Gen Z Around the World

North America

In North America, the demographic profile of Gen Z varies significantly by country. According to a study by the US Census Bureau, the percentage of the population aged 15-24 in the United States is 13.6%, while in Canada, it is 12.9%. The ethnic composition of Gen Z in North America also varies, with the United States having a higher proportion of non-white populations compared to Canada. Gen Z in North America is highly diverse, with a growing number of individuals identifying as multiracial or belonging to minority groups.

Gen Z in North America is highly educated, with a more significant percentage pursuing higher education than any previous generation. According to a report by the National Center for Education Statistics, 59% of high school graduates in the United States enrolled in college in 2019, which is projected to continue to rise. A similar trend is seen in Canada, with 56% of high school graduates enrolling in college or university in 2018.

Overall, marketers targeting Gen Z in North America need to be aware of this generation’s demographic diversity and high levels of education. By understanding the unique characteristics of this generation, marketers can create impactful campaigns that resonate with Gen Z and build long-term brand loyalty.

In the UK, Gen Z constitutes roughly 16% of the total population, with an estimated 11.2 million individuals in this age group. According to a report by Kantar, the ethnic diversity of Gen Z in the UK is higher than in any previous generation. Approximately 54% of Gen Z in the UK come from non-white backgrounds, with 18% identifying as Asian, 16% as Black, 11% as mixed, and 9% as other ethnic groups. Regarding gender, Gen Z in the UK is evenly split between males and females.

Europe

In Europe, the demographic profile of Gen Z varies significantly by country. According to the statistical office of the European Union, the percentage of the population aged 15-24 ranges from 8.8% in Italy to 18.9% in Cyprus. The ethnic composition of Gen Z in Europe also varies, with countries such as France, Germany, and the Netherlands having a higher proportion of non-white populations compared to countries such as Hungary, Poland, and Romania. Gen Z in Europe is generally highly educated, with a greater percentage pursuing higher education than any previous generation.

India

Gen Z represents the largest demographic group in India, with an estimated 472 million individuals aged 24 and below. The demographic profile of Gen Z in India is highly diverse, with a variety of languages, religions, and cultures represented. Gen Z in India are bilingual, with English and Hindi being the most commonly spoken languages. Regarding gender, there are slightly more males than females in this age group.

Southeast Asia

In Southeast Asian countries such as Indonesia, Malaysia, and the Philippines, Gen Z constitutes a significant portion of the population. According to the Asian Development Bank, the percentage of the population aged 15-24 in Southeast Asia ranges from 14% in Thailand to 22% in the Philippines. The ethnic composition of Gen Z in these countries is diverse, with a variety of ethnic groups and languages represented. Regarding gender, there are slightly more females than males in this age group in some countries, such as the Philippines.

Gen Z Behavioural Trends

Gen Z has grown up in a world where digital technology is ubiquitous. As a result, they have a strong preference for digital communication channels, such as social media, messaging apps, and video conferencing.

According to a report by Snapchat, Gen Z spends an average of 3.4 hours per day on social media, and 63% of this generation prefers to interact with businesses through social media channels. This trend presents an excellent opportunity for marketers to reach Gen Z effectively by creating engaging content for social media platforms.

Another major behavioural trend among Gen Z is their interest in social and environmental issues. Gen Z is more socially and environmentally conscious than any previous generation, and they expect businesses to take a stand on issues that are important to them. According to research, 62% of Gen Z respondents worldwide believe that companies have a responsibility to take a stand on social and environmental issues. This trend presents an opportunity for marketers to align their brands with causes that matter to Gen Z and to communicate their social and environmental impact effectively.

Gen Z also values personalisation and authenticity. They expect businesses to tailor their products and services to their individual needs and preferences, and they respond positively to authentic and transparent brands. A survey found that 53% of Gen Z respondents in the United States are more likely to buy from brands that provide personalised recommendations, and 72% are more likely to buy from brands that are transparent about their business practices.

Case Study: Nike

Nike’s “You Can’t Stop Us” campaign is an excellent example of a marketing campaign that successfully targeted Gen Z by addressing their behavioural trends. The campaign highlighted Nike’s commitment to social issues, including racial justice and gender equality, while emphasizing personalisation and authenticity.

As demonstrated through split-screen video edits, the campaign’s message of resilience and determination resonated well with Gen Z, resulting in increased engagement and brand loyalty.

Case Study: Greggs

Greggs is a UK-based bakery chain that successfully targeted Gen Z by aligning its brand with social and environmental issues. In 2019, Greggs launched its vegan sausage roll, which became a viral sensation on social media, with the hashtag #vegansausageroll trending on Twitter. The launch of the vegan sausage roll was part of Greggs’ broader strategy to appeal to Gen Z, who are more likely to follow a plant-based diet than any previous generation. The vegan sausage roll’s success helped Greggs increase its sales and improve its brand perception among Gen Z, who saw the company as innovative and socially responsible.

Case Study: Grab

Grab is a ride-hailing and food delivery company that successfully targeted Gen Z in Southeast Asia by focusing on personalisation and authenticity. Grab’s “Personalise Your Journey” campaign aimed to show Gen Z that the company understands its individual needs and preferences. The campaign involved a series of short videos highlighting how Grab’s services can be tailored to each user’s preferences, such as music and temperature settings in the car. The campaign increased engagement and loyalty among Gen Z users, who saw Grab as a brand that values their unique identity and preferences.

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Gen Z Consumption Habits

Gen Z has a unique set of consumption habits shaped by their digital upbringing, interest in social and environmental issues, and focus on personalisation and authenticity. Understanding these consumption habits is essential for marketers who want to engage effectively with this generation.

Preferred Shopping Channels

Gen Z prefers to shop online and is likelier to use their mobile devices than any other generation. According to a survey by Hootsuite, 54% of Gen Z respondents in the United States prefer to shop online, and 72% use their mobile devices to make purchases. This trend presents an opportunity for marketers to create mobile-optimised e-commerce websites and mobile apps that provide a seamless shopping experience for Gen Z.

In addition to online shopping, Gen Z also values physical stores that provide a unique and immersive experience. A survey found that 59% of Gen Z respondents in the United States prefer to shop in stores that offer an immersive experience, such as augmented reality or virtual reality. This trend allows marketers to create innovative, engaging in-store experiences that resonate with Gen Z.

Products They Buy

Gen Z has diverse interests and preferences regarding the products they buy. They are more likely to purchase products that align with their values and beliefs, such as social and environmental issues. A survey by NPD Group found that 83% of Gen Z respondents in the United States are more likely to buy products that support social and environmental causes. This trend allows marketers to create products and services that align with Gen Z’s values and beliefs.

Decision-Making Process

Social media and peer recommendations heavily influence Gen Z’s decision-making process. According to a survey by Common Sense Media, 43% of Gen Z respondents in the United States trust peer recommendations over advertising when making purchase decisions. This trend allows marketers to leverage influencer marketing and user-generated content to effectively reach and engage with Gen Z.

Case Study: Fabletics

Fabletics is a women’s activewear brand that has successfully targeted Gen Z in the US by aligning its brand with the consumption habits of this generation. Fabletics’ subscription model and personalised shopping experience have resonated well with Gen Z, who value convenience and personalisation.

Fabletics offers a monthly subscription service that provides members with personalised activewear outfits based on their style preferences, body shape, and fitness goals. The company also allows members to skip a month or cancel their subscription anytime, providing a flexible and convenient shopping experience that resonates well with Gen Z.

Fabletics’ focus on diversity and inclusivity has also resonated well with Gen Z. The company offers a wide range of sizes and styles, including a plus-size collection that promotes body positivity and inclusivity. Fabletics also partners with non-profit organisations that support women’s health and wellness, aligning the brand with social issues that matter to Gen Z.

Fabletics’ success with Gen Z is reflected in its highly engaged social media following, with over 2 million followers on Instagram and a highly active community of brand advocates. By aligning its brand with the consumption habits of this generation, Fabletics has become a popular choice for Gen Z women who value convenience, personalisation, and inclusivity.

Case Study: Zomato

Zomato is a food delivery and restaurant discovery platform that has successfully targeted Gen Z in India by aligning its brand with the consumption habits of this generation. Zomato’s user-friendly mobile app and website have resonated well with Gen Z, who value convenience and personalisation. In addition, Zomato’s focus on sustainability and ethical sourcing has appealed to Gen Z’s interest in social and environmental issues. Zomato’s success with Gen Z is reflected in its rapidly growing user base, with over 80 million monthly active users as of 2022.

Case Study: Depop

Depop is a fashion marketplace that has successfully targeted Gen Z in the UK by aligning its brand with the consumption habits of this generation. Depop’s mobile app allows users to buy and sell unique, vintage, and sustainable fashion items, which aligns with Gen Z’s interest in personalisation and sustainability. In addition, Depop’s focus on community building and peer-to-peer selling has appealed to Gen Z’s desire for authentic and transparent shopping experiences. Depop’s success with Gen Z is reflected in its rapidly growing user base, with over 30 million registered users as of 2022.

Understanding the consumption habits of Gen Z is crucial for marketers who want to engage this generation effectively. Gen Z prefers online shopping and values physical stores that provide an immersive experience. They are more likely to buy products that align with their values and beliefs, such as social and environmental issues. Social media and peer recommendations heavily influence their decision-making process. Marketers can create impactful campaigns that resonate with Gen Z by aligning their brands with these consumption habits.

Gen Z Marketing Strategies

Gen Z has a unique set of consumption habits, which requires marketers to use innovative and effective marketing strategies to reach and engage with this generation. Here are some of the most effective marketing strategies for targeting Gen Z:

Social Media Marketing

Social media marketing is one of the most effective strategies for reaching and engaging with Gen Z. This generation spends an average of 3.4 hours per day on social media, making it an excellent platform for marketers to reach them. To be successful, social media marketing needs to be personalised, engaging, and authentic. Marketers must create content that aligns with Gen Z’s interests and values, such as social and environmental issues, diversity, and inclusivity.

Influencer Marketing

Influencer marketing is another effective strategy for reaching and engaging with Gen Z. This generation trusts peer recommendations over advertising, making influencer marketing a powerful tool for marketers. Influencers are highly influential among Gen Z, and they can help brands reach this generation in an authentic and engaging way. However, working with influencers who align with the brand’s values and messaging is essential to avoid being inauthentic or disingenuous.

Experiential Marketing

Experiential marketing is a highly effective strategy for engaging with Gen Z, who value unique and immersive experiences. This strategy involves creating brand experiences that provide a tangible and memorable connection with the brand. For example, a pop-up store or event can create a powerful connection with Gen Z by delivering an immersive and engaging experience. This strategy can build brand awareness and loyalty among this generation.

Case Study: Taco Bell

Taco Bell is a fast-food chain that has successfully targeted Gen Z using innovative marketing strategies, including social media, influencer, and experiential marketing. Taco Bell’s highly engaged social media presence has helped it to connect with Gen Z, who value personalisation and authenticity.

The company has also leveraged influencer marketing to reach this generation in an authentic and engaging way. For example, in 2019, Taco Bell partnered with influencer David Dobrik to launch the “Belluminati” campaign, which generated over 3.4 billion impressions on social media.

Taco Bell has also used experiential marketing to create unique and immersive brand experiences that resonate with Gen Z. In 2019, the company opened a hotel in Palm Springs, California, which provided a highly immersive and engaging experience for fans of the brand. The hotel sold out in just two minutes, demonstrating the power of experiential marketing in engaging with this generation.

Marketers need to use innovative and effective marketing strategies to reach and engage with Gen Z. Social media marketing, influencer marketing, and experiential marketing are some of the most effective strategies for targeting this generation. By creating personalised, authentic, and engaging marketing campaigns, marketers can build brand awareness and loyalty among this highly influential generation.

Gen Z Campaigns from around the world

These examples demonstrate how successful marketing campaigns targeting Gen Z require creativity, authenticity, and a focus on emotions and experiences.

Using tactics such as social media challenges, short films, and humour, these brands engaged with Gen Z meaningfully and created strong connections with this generation. The outcomes achieved, such as increased sales and widespread media coverage, show the power of effective marketing in reaching and engaging with this highly influential generation.

India – Lays

Lays’ “Smile Deke Dekho” campaign targeted Gen Z in India by focusing on humour and creativity. The campaign involved a social media challenge that encouraged people to create and share their own funny videos using a Lays chip packet. The campaign was highly successful, with over 7 million views on YouTube and widespread social media engagement.

China – Pepsi

Pepsi’s “Bring Happiness Home” campaign targeted Gen Z in China by focusing on family and community. The campaign featured a short film that showed a young man using Pepsi to connect with his family and bring them together. The campaign also involved a social media challenge encouraging people to share their family stories and experiences. The campaign was highly successful, with over 10 million views on YouTube and widespread media coverage.

Japan – McDonald’s

McDonald’s “Fry Thief” campaign targeted Gen Z in Japan by focusing on humour and creativity. The campaign featured a series of short films that showed people stealing fries from each other in various settings, from a park to a beach. The campaign also involved a social media challenge encouraging people to share their “fry thief” moments. The campaign was highly successful, with over 3 million views on YouTube and widespread social media engagement.

Understanding Gen Z as a consumer market is essential for marketers who want to engage with this highly influential generation effectively. By aligning their brands with the consumption habits and marketing preferences of Gen Z, marketers can create impactful campaigns that resonate with this generation and build long-term brand loyalty.

Are you ready to take your marketing to the next level by understanding Gen Z as a consumer market? Download “The Definitive Guide to Gen Z” This guide is packed with valuable insights and data to help you create effective marketing campaigns that resonate with Gen Z.

In market research, the collection and use of data raise several ethical considerations, such as obtaining informed consent, protecting the privacy and confidentiality of participants, avoiding deceptive practices, and ensuring data accuracy.

Ethical guidelines, such as the International Chamber of Commerce’s ICC/ESOMAR International Code on Market and Social Research, provide a framework for conducting market research responsibly and respectfully. Additionally, industry-specific regulations, such as the General Data Protection Regulation (GDPR) in the European Union, further regulate the collection and use of personal data. Brands and their market research teams must be aware of these ethical considerations and guidelines to ensure the validity and credibility of their research findings and maintain the trust of their participants.

The Importance of Ethical Data Collection

The ethics of data collection play a crucial role in the credibility and validity of market research findings. When data is collected ethically, participants can trust that their personal information is handled responsibly and securely.

This trust is essential for accurate research results, as participants are more likely to provide honest and complete answers when they feel their privacy and confidentiality are protected.

“The right to privacy is a fundamental human right, essential for the protection of human dignity and autonomy.” – Justice Michael Kirby.

Additionally, ethical data collection practices help to maintain the reputation and credibility of the market research industry. Deceptive or unethical practices can damage the reputation of both the individual researcher and the industry as a whole, leading to a loss of trust from participants, clients, and stakeholders.

It is also a legal obligation for researchers to adhere to ethical standards and regulations, such as the GDPR. Failing to comply with these regulations can result in significant fines and legal consequences, damaging the reputation of the research company and potentially impacting its ability to conduct research in the future.

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Data Privacy Laws Around the World

Data privacy laws vary by country, but here is an overview of some of the most notable data privacy laws in different regions worldwide.

It is important to note that these laws are subject to change and that organisations should stay informed about their regions’ latest data privacy laws and regulations.

UK: The General Data Protection Regulation (GDPR) applies to organisations operating in the EU, including the UK. The GDPR requires organisations to obtain explicit consent from individuals before collecting and processing their personal data.

Europe: The General Data Protection Regulation (GDPR) applies to organisations operating in the EU. It sets out strict rules for collecting and processing personal data, including the right to erasure and data portability.

USA: The United States does not have a comprehensive federal data privacy law, but some states have enacted their own privacy laws, such as the California Consumer Privacy Act.

Canada: The Personal Information Protection and Electronic Documents Act (PIPEDA) governs the collection, use, and disclosure of personal data in Canada. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Thailand: The Personal Data Protection Act (PDPA) became effective in May 2020 and governed the collection, use, and disclosure of personal data in Thailand. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Philippines: The Data Privacy Act of 2012 governs the collection, use, and disclosure of personal data in the Philippines. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Japan: The Act on the Protection of Personal Information governs the collection, use, and disclosure of personal data in Japan. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Indonesia: The Personal Data Protection Law governs the collection, use, and disclosure of personal data in Indonesia. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

China: The Cybersecurity Law of the People’s Republic of China governs the collection, use, and disclosure of personal data in China. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Singapore: The Personal Data Protection Act (PDPA) governs the collection, use, and disclosure of personal data in Singapore. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

India: The Personal Data Protection Bill, 2019, governs the collection, use, and disclosure of personal data in India. The bill requires organisations to obtain explicit consent before collecting personal data and to protect the privacy of the data they collect.

Vietnam: The Personal Data Protection Law governs the collection, use, and disclosure of personal data in Vietnam. Organisations must obtain explicit consent before collecting personal data and must protect the privacy of the data they collect.

Examples of Brands Fined for Violating Data Privacy

These are just a few examples of the many brands that have faced fines for violating data privacy laws. It is essential for companies to take data privacy seriously and to comply with the relevant laws and regulations to avoid similar consequences.

Google was fined €50 million by the French data protection authority (CNIL) in January 2019 for violating the General Data Protection Regulation (GDPR).
Facebook was fined $5 billion by the Federal Trade Commission (FTC) in July 2019 for violating its users’ privacy rights.
Marriott International was fined £18.4 million by the Information Commissioner’s Office (ICO) in July 2019 for a data breach affecting approximately 339 million guests.
British Airways was fined £20 million by the ICO in July 2019 for a data breach affecting approximately 500,000 customers.
Equifax was fined £500,000 by the ICO in September 2018 for a data breach affecting approximately 15 million UK citizens.

The Ethics of Data Privacy

Data privacy is a critical aspect of ethical data collection in market research. The personal information of participants must be protected and kept confidential to maintain their trust in the research process and to prevent potential harm or abuse of their data.

One of the key ethical considerations in protecting consumer data privacy is obtaining informed consent. Participants must be fully informed about how their data will be collected, used, and stored, and they must give explicit consent for their information to be used in the research. This includes informing participants who will have access to their data, for what purposes it will be used, and for how long it will be stored.

“Data is the new oil, but privacy is the new gasoline.” – Unknown.

Another important consideration is data security. Market researchers must implement appropriate measures to secure the collected data, such as encryption and secure storage solutions, to prevent unauthorised access and to protect participants’ information from theft or breaches.

It is essential for market researchers to be transparent and honest about their data collection practices. Deceptive or misleading practices, such as collecting data without obtaining proper consent or using data for purposes outside of what was initially disclosed, can severely damage the trust of participants and harm the reputation of the market research industry.

The concept of data privacy has been a concern for individuals and organisations for many decades. Still, it has become increasingly relevant in recent years with the rapid growth of technology and the increasing amount of personal data collected and stored by organisations. Here is a timeline of some key events related to data privacy and notable data breaches by year:

1970s: The first privacy laws, such as the US Privacy Act of 1974, are enacted in response to government data collection and storage concerns.
1980s: The first computer viruses were discovered, and the threat of data breaches became more prominent.
1990s: The rise of the internet and the increasing use of personal computers leads to concerns about online data privacy.
2000s: The growth of social media and the increasing amount of personal data collected by organisations leads to increased privacy concerns.
2005: The first large-scale data breach, involving the theft of millions of credit card numbers by one of the largest credit card processors in the United States, CardSystems Solutions, is reported. The breach was one of the first large-scale data breaches to receive widespread media attention and raised concerns about the security of personal data stored by organisations. The breach resulted in the loss of credit card information for 40 million individuals and prompted a number of major credit card companies to reissue their customers’ credit cards. The breach also led to increased scrutiny of data security practices by organisations and a call for stronger data privacy laws to protect consumers.
2013: The first high-profile data breach involving the unauthorised access of personal data, such as names, addresses, and social security numbers, is reported. Hackers stole 40 million credit card numbers and 70 million other pieces of information, such as names, addresses, and phone numbers, from the retailer’s database. The breach was one of the largest data breaches to date and resulted in widespread media coverage and concern about the security of personal information stored by organisations. The breach also increased scrutiny of data security practices and calls for more robust data privacy laws to better protect consumers. This event highlighted the need for organisations to take data privacy and security seriously, implement strong security measures, and regularly review and update their practices to stay ahead of evolving threats.
2018: The European Union’s General Data Protection Regulation (GDPR) goes into effect, setting new standards for data privacy and security in Europe.
2019: The Capital One data breach, involving the theft of personal data of over 100 million individuals, is reported.
2020: The Zoom video conferencing platform becomes widely used due to the COVID-19 pandemic, leading to concerns about the security of personal data being transmitted over the platform.

The Ethics of Data Use

The use of collected data is just as important as the collection process in terms of ethical considerations. Market researchers are responsible for using the data they collect in a manner that is respectful, non-discriminatory, and in line with the initial purpose for which it was collected.

One key consideration is avoiding discriminatory practices. Market research data must not be used to make decisions that unfairly impact or discriminate against particular groups based on race, gender, religion, or sexual orientation. Researchers must also ensure that their findings are not used to perpetuate negative stereotypes or to support biased viewpoints.

“Ethics is knowing the difference between what you have a right to do and what is right to do.” – Potter Stewart.

Another important consideration is maintaining the confidentiality of participants’ information. Researchers must not use collected data in a manner that violates participants’ privacy, such as by sharing it with third parties without proper consent. The data must be used only for the purposes for which it was collected and must be kept confidential to the extent required by law or ethical guidelines.

The Importance of Consent

Obtaining informed consent from consumers is crucial to ethical data collection in market research. It is essential for market researchers to respect the privacy rights of participants and to ensure that they fully understand how their data will be used and what they agree to when they provide it.

Informed consent means that participants clearly understand the purpose of the research, how their data will be collected, used, and stored, and the consequences of participating or not participating in the research. Participants must also be allowed to opt-out of the research or withdraw their consent at any time.

When participants provide their informed consent, it demonstrates their trust in the market research process and their willingness to participate. This trust is essential for accurate research results, as participants are more likely to provide honest and complete answers when they feel their privacy and confidentiality are protected.

However, obtaining informed consent also protects the rights of participants and ensures that their data is not being collected or used without their knowledge or permission. Market researchers must be transparent and honest about data collection and use practices to build trust and credibility with their participants.

Data Security and Protection

Data security and protection are crucial components of ethical data collection in market research. Market researchers are responsible for implementing appropriate measures to secure the collected data and prevent unauthorised access, theft, or breaches.

One key consideration is using secure storage solutions, such as encrypted databases, to store collected data. This helps to prevent unauthorised access to the data and to ensure that it is protected from potential breaches.

Another critical consideration is controlling access to the collected data. Market researchers must limit access to the data to only those who need it. They must have appropriate security measures, such as password protection, to prevent unauthorised access.

Additionally, market researchers must have procedures in place to detect and respond to data breaches if they occur. This includes regular monitoring of the security of collected data and having a plan to quickly address any breaches and take appropriate action to prevent future violations.

The Role of Industry Regulations

Industry regulations play a significant role in shaping the ethics of data collection in market research. Regulations such as the General Data Protection Regulation (GDPR) in the European Union and similar laws in other regions set standards for the collection, use, and storage of personal data and provide guidelines for protecting the privacy rights of individuals.

Market researchers must comply with these regulations and follow the established guidelines to ensure that their data collection practices are ethical and in line with the law. This includes obtaining informed consent from participants, protecting the privacy of collected data, and ensuring that data is not used in a discriminatory manner.

Industry regulations also set data security and protection standards, requiring market researchers to implement appropriate measures to secure collected data and prevent breaches. These regulations also give individuals the right to access their personal data and to request that it be deleted or corrected if it is inaccurate.

Ethical Considerations in the Use of Big Data

The use of big data in market research presents several ethical considerations, including data bias and algorithmic transparency. Market researchers must be aware of these considerations and take steps to ensure that their use of big data is ethical and in line with industry regulations.

Data bias refers to the inherent biases that exist in data sets, which can result in inaccurate or skewed results if not properly addressed. For example, suppose a data set used in market research predominantly consists of data from one demographic group. In that case, it may not accurately represent the experiences or opinions of other groups.

To address data bias, market researchers must be aware of their data sources and take steps to ensure that their data sets are representative and diverse. This may include sourcing data from multiple sources and using techniques such as oversampling to increase the representation of underrepresented groups.

Algorithmic transparency is another important consideration in using big data in market research. Algorithms used to analyze data can contain biases and make decisions that are not transparent or easily understood. To address this issue, market researchers must ensure that the algorithms they use are transparent and can be audited and that the decisions made by algorithms are easily explainable and free from bias.

Best Practices for Ethical Data Collection

Best practices for ethical data collection in market research include:

Having a clear privacy policy.
Obtaining informed consent.
Implementing appropriate data security measures.

By following these best practices, market researchers can ensure that their data collection practices are ethical, respectful of participants’ privacy rights, and in line with industry regulations.

Having a clear privacy policy is essential for ethical data collection. This policy should outline the type of data that will be collected, how it will be used, and who will have access to it. Participants should be able to understand the privacy policy easily and have the option to opt-out of data collection if they choose.

Obtaining informed consent is another key best practice for ethical data collection. Market researchers must inform participants about the data that will be collected and how it will be used and obtain their explicit consent before collecting any data. Participants should also have the option to withdraw their consent at any time.

Data security is also essential for ethical data collection. Market researchers must implement appropriate measures to secure collected data, such as encryption and secure storage, and take steps to prevent breaches and unauthorised access.

Checklist of Best Practices for Ethical Data Collection

By following this checklist of best practices for ethical data collection, market researchers can ensure that their data collection practices are responsible, honest, and in line with industry standards.

Develop a clear privacy policy: Outline the data collection type, how it will be used, and who will have access to it.
Obtain informed consent: Inform participants about the data that will be collected and how it will be used, and obtain their explicit consent before collecting any data.
Implement data security measures: Encrypt collected data and store it securely to prevent breaches and unauthorised access.
Respect the right to privacy: Allow participants to opt-out of data collection and allow them to withdraw their consent at any time.
Avoid discriminatory practices: Ensure that collected data is used ethically and avoid discriminatory practices.
Comply with industry regulations: Stay informed about industry regulations, such as GDPR, and ensure that your data collection practices align with these regulations.
Consider the ethics of big data: Be aware of ethical considerations related to the use of big data, such as data bias and algorithmic transparency.
Maintain transparency: Be transparent about your data collection practices and clearly communicate your privacy policy to participants.
Conduct regular review: Regularly review your data collection practices to ensure that they are ethical and in line with industry standards.
Educate yourself and your team: Stay informed about best practices for ethical data collection and educate yourself and your team on the importance of responsible data practices.

Using Market Research Agencies and Ethical Data Collection

By outsourcing market research to a trusted third-party firm, brands can have peace of mind knowing that experts in the field are handling their data collection practices and that appropriate measures are in place to protect consumer privacy.

However, it is still crucial for brands to thoroughly vet and monitor the practices of their market research partners to ensure they meet their privacy and security standards.

Using a third-party market research firm can provide several benefits for brands regarding data privacy in market research. Some of these benefits include:

Expertise: Market research firms often have specialised knowledge and experience in data privacy and security, which can help ensure that data collection and storage practices comply with applicable laws and regulations.
Resources: Market research firms often have the resources and technology to implement robust security measures and respond to data breaches.
Independence: Using a third-party market research firm can provide a level of independence and objectivity in data collection and analysis, which can help mitigate concerns about bias and privacy violations.
Reputation: Market research firms have a reputation to maintain and are motivated to ensure that data privacy and security practices are of the highest standard.

Summary

The ethics of data collection in market research is an important and complex topic that must be carefully considered. By understanding the importance of ethical data collection, market researchers can ensure that they are protecting consumer data privacy, using collected data in an ethical manner, obtaining informed consent, and implementing appropriate data security measures.

The ethics of data collection is not only a matter of legal compliance but also a matter of maintaining the integrity of market research and respecting the rights of consumers.

By following best practices for ethical data collection and staying informed about industry regulations and trends, market researchers can ensure that their data collection practices are responsible, honest, and in line with industry standards.

In summary, understanding the ethics of data collection in market research is essential for protecting consumer data privacy, maintaining the integrity of market research, and ensuring responsible data practices. Market researchers must be aware of the importance of ethical data collection and ensure that their data collection practices align with industry standards and best practices.

Emerging Trends in the Global Beverage Industry is an in-depth guide providing insights into key trends shaping the alcoholic beverage category in the U.S., U.K., Singapore, Japan, Indonesia, China, Thailand, Vietnam, and the Philippines, with examples and case studies from leading global brands.

This report is for beverage brands, retailers, distributors, investors, bars, restaurants, and anyone in the business of quenching a consumer’s thirst for innovative beverages.

This is a summary of all five emerging trends in the report and how brands globally keep up with dramatic shifts in consumer tastes and preferences and the stiff competition in the beverage industry.

Trend 1: Booze without the buzz.
The rise of no-to-low alcohol

As younger generations shun alcohol or reduce consumption, the low-to-no-alcohol (LNA) trend is here to stay.

Moderation, health, wellness, and a thirst for innovative flavours drive growth in this sub-category, and consumers are willing to pay for high-end innovative, non-alcoholic spirits.

Download the full report to find out how much the millennial share of alcohol drinkers has dropped in just one year.

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Apart from big brands, the global market is deluged with new, independent entrants. Read the full report to discover the brands in the LNA category and how they are responding to the sober curious movement.

Also, read the case study of a brand that sowed the seeds for the LNA category.

Trend 2: Spirit-based ready-to-drink beverages.
RTDs create a stir in the beverage industry

The demand for RTDs continues to grow, especially among younger consumers.

Variety, taste, and convenience are driving demand. The category includes hard seltzers, canned wines, ready-to-drink cocktails, hard coffee, hard tea, kombucha, wine spritzers, and coolers.

Download the report to discover why RTDs cater to the millennial lifestyle and how brands are delivering. Also, learn how Suntory is combatting low beer sales in Japan.

In our case study, we look closely at what made the US-based hard seltzer White Claw become a pop culture icon.

Trend 3: The Shift to drinking smart.
Low-cal, plant-based, and gluten-free options

Low-calorie or zero-carb drinks may cater to a different target audience than the no-to-low-alcohol beverage category.

These consumers are mindful of their caloric intake but may not be as concerned with the amount of alcohol they drink.

In response to the health-conscious consumer, a leading beer brand added transparency by adding a nutrition label on its pack. Also, explore a soy-based alcoholic brand, how it uses a nutritious by-product to create an innovative drink, and how Skinnygirl catapulted into a leading RTD brand.

Trend 4: Unlocking Craft Alcohol.
The popularity of mall-batch wine, spirits, and beer

This trend toward premiumization is a hot trend we will see well into the future.

In most industries, the major growth areas have been for premium products catering to niche consumer segments. The alcoholic beverage segment is no exception, and brands are catering to evolving tastes by improving their beverages through better craftsmanship and innovative flavours.

The growing demand for craft spirits is expected to be the primary trend in the future, even as we move into a downturn.

Also, discover how countries like Thailand and India are growing their wines. And if you have heard about the hype behind George Clooney’s famous tequila brand, read the case study to learn about Clooney’s journey into small-batch premium alcohol.

Trend 5: The future of packaging.
Innovative, sustainable, and inclusive design

The package material, shape, design, logo, colours, and messaging are all critical elements that help a brand tell its story.

So how do brands in the alcoholic beverage category balance it all? Download the case study to find out.

While brands focus on creating sustainable production methods, they also need to rethink packaging and distribution, just like the innovative flat wine bottles that fit through a mail slot. Read the complete case study in the report.

As people worldwide drink less, brands are working hard to quench their thirst and keep up with their changing tastes using market research insights and constant innovation.

To get an in-depth view of the emerging trends in the global alcoholic beverage industry, download the complete report today.

As 2022 comes to an end, we see the rise of the cautious consumer in an inflationary economy fraught with rising costs of living and uncertainty. Today’s consumers have adopted new behaviours worldwide, wanting hybrid experiences and engaging with sustainable and purpose-driven brands.

Here we have compiled our best trend reports and guides that look at 2022 and beyond in one convenient place.

Speed Bumps on the road to change in 2022.

Automotive trends for 2022

To help brands navigate the shifts, we developed an exhaustive report exploring five key trends influencing automotive purchases for 2022 and beyond, focusing on the post-pandemic recovery, the E.V. revolution, the impact of A.I. and connected vehicles, and generational perception changes in major global markets.

DOWNLOAD the TREND report here

Digital Payments and E-Wallet Usage and Behaviour in Indonesia.

This regional report reveals the perceptions and usage of common e-wallet providers across different Indonesian markets and regions, focusing on shifting consumer behaviour and how brands respond to these shifts.

READ the full report here

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Food and Beverage trends to watch in 2022 and beyond.

It can be challenging for food and beverage executives to stay abreast of these consumer trends in an industry influenced by ever-changing consumer behaviours and changing tastes.

This report has compiled four notable changes in consumer wants and needs globally.

DOWNLOAD the full report here.

The Asian Consumer: 4 Key Trends for the Next Normal.

While many emerging regional trends have been in the pipe long before the pandemic, almost all indicate an active and involved Asian consumer looking to the future for smart alternatives to ageing market norms.

This report is designed for companies looking to grow their presence in Asia. It is based on the analysis of local experts across Kadence International’s eight Asian offices: China, India, Singapore, Thailand, Vietnam, Indonesia, the Philippines, and Japan.

DOWNLOAD the trend report here

The Definitive Guide to Gen-Z.

Now making up one-third of the world’s population, Generation Z or Zoomers are quickly entering the consuming class.

Being true digital natives, Generation Z presents a unique set of challenges for brands looking for loyalty.

This 50+ page guide delves deeper into the wants, needs, and demands this generation is looking for from brands and how leading brands in ten countries respond to them.

DOWNLOAD the complete guide here

About Face: Emerging global trends in the beauty and cosmetics industries.

The beauty, personal care, and cosmetics industry is thriving.

Thanks to an increased “on camera” world, people of all ages want to look their best.

This report looks at the industry from around the world, highlighting trends from Asia, Europe, and the Americas.

DOWNLOAD the complete trend report here

Feeling Good: Powering the Next Gen of Fitness and MedTech.

As people prioritise their health and wellness worldwide, technological advancements in these industries are helping consumers monitor their health much more quickly.

This report looks at the health, wellness, fitness, and MedTech industries from around the globe, showcasing some of the world’s leading brands in the space.

DOWNLOAD the complete trend report here

The Future of Online Shopping.

Digitisation has reset the online shopping game, and the pandemic has accelerated technology adoption by both brands and consumers.

Today, the most successful retailers have adopted technology at warp speeds. With breakthrough technology complementing every step of the retail process, where are we headed?

This report examines online shopping, where it’s at, and what the future holds.

DOWNLOAD the complete trend report here

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If you want a crocheted sweater or a bespoke engraved cutting board but need help finding an artisan, you might turn to platforms like Etsy that connect buyers with artisans on their eCommerce platforms.

The last decade has brought a massive consumer shift in mindset. Consumers today care about where their products come from, who produced them, and under what conditions they were made. They care about the impact of everything they purchase —on the workers and the environment.

Many trends are responsible for the maturation of the artisan economy around the globe, such as the rise of e-commerce, a growing interest in the environment and sustainability, the demand for rare, unique, personalised items, and a desire to support the local economy and small businesses.

Consumers care about sustainability, ethical consumption, and small-batch production and are looking for unique pieces with a story to add to their lives.

There has been a massive demand for handmade products globally. Handmade or artisanal products are high quality and unique, making them desirable for people looking for one-of-a-kind products with a strong narrative.

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The need for personalization and the recent movements supporting local businesses and artisans have also helped promote bespoke brands or handmade products.

Unlike mass-produced goods, handmade products have certain deviations, and no two products will be the same, adding to the uniqueness consumers seek in the products they purchase.

When consumers purchase a handmade product, they are also buying into the story and history behind it and building a deep connection with the artisan making the product while supporting craftsmanship and local businesses. Consumers are avoiding off-the-shelf pieces, and artisan goods are becoming a staple.

According to a U.K. Crafts Council report, 73 percent of U.K. adults had bought a craft in 2019 —which amounts to almost 25 million handmade items. About 32 percent of today’s buyers are under 35 years of age, making the younger populations of Millennials and Gen Z the biggest craft shoppers today. There are 11,620 craft businesses in the U.K., with over 43,000 employees.

Consumers often save crafts and techniques that face extinction and erasure by purchasing artisanal goods. And now, many big brands want to add a piece of the traditional method to their products. For instance, independent watchmaker Daizoh Makihara decided to use the traditional Japanese glass-cutting technique called Edo-kiriko for the dial of his first watch. He found eight companies that specialised in the method, but only one agreed to do it. This was Kyosuke Hayashi, the president of Mitsuwa Glass Kogei.

In English, Edo-kiriko means “cut glass from Edo”: Edo is an old name for Tokyo, and kiriko is the name of the cutting technique. This partnership gave birth to the first edo-kiriko watch in the world in 2018.

The weavers and artisans work hard to keep the rich Indian arts and crafts heritage alive. According to IBEF, the total handicraft exports from India reached $3.5 billion in FY20. With over 200 million artisans, India’s handicraft sector is the second largest employer after agriculture.

While fast fashion is pressuring the environment with its heavy carbon emissions, water waste, and poor working conditions and treatment of workers, consumers are hungry for a better model that offers trendy essentials and accessories without harmful environmental and socio-economic impact.

eCommerce has enabled many skilled artisans and hobbyists to profit from their passion and talent.

Consumer obsession and interest in handmade products have also seeped into reality T.V., and craft reality T.V. shows have become quite the rage.

British reality show Handmade: Britain’s Best Woodworker is a furniture-making competition similar to a cooking contest that has captured the hearts of audiences worldwide. Every major network and various streaming platforms are in on the trend. Other similar shows include BBC’s All that Glitters, Netflix’s Blown Away, NBC’s Making It, HBO Max’s Craftopia, ITV’s Bling, and Channel 4’s The Great Pottery Throwdown.

The pandemic spurred the demand for handmade goods. Online platforms have fuelled much of this growth: in December 2018, Etsy, a U.S.-based online platform for artisans to buy and sell handmade goods, reported that there were 220,000 active sellers in the U.K. with a further 9,000 makers on Folksy, a U.K.-based online platform to purchase handcrafted gifts and original artwork, sold directly by the artists and designers who have created them.

Top handmade product categories on Etsy

According to a report, the top handmade product category on Etsy in 2020 was home and living, with a 25 percent seller share, followed by art and collectables (21 percent), jewellery (15 percent), clothing (11 percent), accessories (8 percent), bath and beauty (6 percent), toys and games (4 percent), bags and purses (3 percent), weddings (2 percent), and books, movies and music (2 percent).

Etsy has three main sections in its online marketplace: Handmade, Vintage, and Supplies. Handmade represents 85 percent of sellers, Vintage represents 6 percent, and Supplies represent 12 percent of sellers.

Etsy, founded in 2005, now has more than 1.4 million sellers and 19.8 million buyers. Etsy focuses on handmade and vintage items and features over 5.4 million craft supply items.

Handmade gifts provide a personal touch and make the gift unique and personalised. This unique factor has driven platforms and brands that offer handmade products as popular choices during the Holidays.

There has been an 80 percent jump in searches on the creator-driven platform Etsy for Holiday gifts in the past three months compared to last year. In 2020, CNBC reported that Etsy saw a 156 percent increase in search traffic during three months compared to the year prior for custom gifts.

Case Study: How Etsy carved a niche for the handmade sector using an e-commerce platform

The Overview

Based in Brooklyn, New York, Etsy is the largest online marketplace globally, connecting buyers to sellers of handmade and vintage goods and craft supplies. Etsy is built on a smart revenue model: it charges sellers a listing fee and a commission and upsells advertising services to push a seller’s products to boost reach. The company expanded through acquisitions, including Blackbird Tech for USD 32.5 million, Reverb in 2019 for USD 275 million, and the fashion resell marketplace, Depop in 2021 for USD 1.63 billion.

The company has competitors like Amazon Handmade, Big Cartel, Folksy, iCraft, and eBay.

The Approach

Etsy took the value creation approach and narrowed its product offering to handmade or artisan-made products. While it has created a community of buyers and sellers, it moved its focus to buyers as the core market when eBay vet Josh Silverman took over Etsy’s reins. A year after hitting an all-time low in 2017, Etsy’s stock rebounded and grew; today, it stands at USD 119.74 a share. Defining and focusing on its key audience helped the brand grow.

Once the brand identified its core audience, the buyers, it hiked the fees it charged its sellers from 5 percent to 6.5 percent. Even though 20,000 of its sellers went on strike, the company did not budge, and the results showed in the most recent third-quarter earnings in 2022, reporting a revenue bump of 11.7 percent over the same quarter of 2021, to USD 594.5 million.

Etsy is also attracting more buyers to its platform via the mobile app. In 2021 alone, the brand reported a 45 percent increase in app downloads bringing 5.7 million new shoppers to download the app. The brand also leverages targeted, compelling email offers based on items favourited or shops browsed. The brand funded discounts and sent them to 18 million shoppers in 2021, and also provided discount technology allowing shoppers to discount goods from their shops. The brand also encourages buyers to follow more shops through sweepstakes and contests.

The brand also offers multiple additional services to facilitate communication with sellers, on-platform transactions, and access to ratings and reviews.

Etsy allows its sellers to voice their concerns with congress members and local and federal governments. And lastly, the brand continuously invests in retail technologies like machine learning via acquisitions. The brand has designed convenient distribution channels, upgraded buying and selling software and merchant services, and improved its social media presence to boost brand awareness. This month, Etsy rolled out a new image search feature to allow shoppers to find an object faster than with a keyword search. Users on iOS can now tap the camera icon and search for images by uploading a picture. Etsy then scours its platform to find products visually similar to the ones the user is searching for. Etsy plans to expand image search to Android app users soon.

The Results

Etsy’s impact on the artisan economy is robust. The most recent quarterly earnings report disclosed revenues had risen to USD 198 million, a 31.64 percent increase year over year. Etsy currently holds a market cap of just under USD 5.5 billion – quite a climb from its USD 1.1 billion market cap back in March 2017. The brand attracted 6.3 million shoppers in the third quarter of 2022, ending with 88.3 million active buyers on the Etsy marketplace.

In most developing nations, the handicraft industry is fragmented, lacking legal Intellectual Property laws surrounding its products, and artisans not getting fair compensation for their craft.

In most countries, handcrafts are highly valued because of the high skill level and talent required and are sold in luxury stores at premium prices. However, although India has a rich culture and many categories of handicrafts, they still need to be given their deserved value and place. Ramesh Menon founded Save the Loom, a nonprofit community group to revive, restore, and restructure the handloom industry in India.

Many other such organizations are helping artisans overcome the many challenges they face. However, online platforms and eCommerce websites like Etsy, Folksy, Amazon Handmade, and others have helped create a viable worldwide path forward for the handmade industry.

While not every product fits the artisan-made model, the lessons from this growing trend apply to all categories. Consumers want to feel connected to the story behind the product, how a product is made, and the feel-good impact on the environment and people after purchase.

For more insights into the shifting trends in online shopping and consumer behaviour around the globe, download our complete report, “The Future of Online Shopping.”

A Brief History of Artificial Intelligence

There are three types of Artificial Intelligence-based on capabilities.

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General AI

Super AI

In terms of functionality, there are four main types of Artificial Intelligence.

So how does AI work?

Artificial Intelligence is a powerful tool that can significantly enhance the work of market researchers, but it is unlikely to replace them completely.

Here are some ways in which AI will not replace the role of market researchers:

AI disruptions are everywhere.

Will robots dominate the world?

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The Current State of the Med-Tech Industry

Med-tech Timeline

The Role of Technology in Driving Growth

Examples of Innovative Med-tech products

Best Practices for Leveraging Innovative Technology

Case Studies from Around the World

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What does the future hold for med-tech?

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Wearable Technology Timeline

Wearable Tech Consumer Purchasing Habits

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Wearable Technology Usage Patterns

Perceptions of Wearable Technology

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Gen Z Demographic Profile

Gen Z Around the World

Gen Z Behavioural Trends

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Gen Z Consumption Habits

Gen Z Marketing Strategies

Gen Z Campaigns from around the world

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The Importance of Ethical Data Collection

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Data Privacy Laws Around the World

Examples of Brands Fined for Violating Data Privacy

The Ethics of Data Privacy

The Ethics of Data Use

The Importance of Consent

Data Security and Protection

The Role of Industry Regulations

Ethical Considerations in the Use of Big Data

Best Practices for Ethical Data Collection

Checklist of Best Practices for Ethical Data Collection

Using Market Research Agencies and Ethical Data Collection

Summary

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Trend 1: Booze without the buzz. The rise of no-to-low alcohol

Get regular insights

Trend 2: Spirit-based ready-to-drink beverages.RTDs create a stir in the beverage industry

Trend 3: The Shift to drinking smart. Low-cal, plant-based, and gluten-free options

Trend 4: Unlocking Craft Alcohol.The popularity of mall-batch wine, spirits, and beer

Trend 5: The future of packaging. Innovative, sustainable, and inclusive design

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Speed Bumps on the road to change in 2022.

Automotive trends for 2022

Digital Payments and E-Wallet Usage and Behaviour in Indonesia.

Get regular insights

Food and Beverage trends to watch in 2022 and beyond.

The Asian Consumer: 4 Key Trends for the Next Normal.

The Definitive Guide to Gen-Z.

About Face: Emerging global trends in the beauty and cosmetics industries.

Feeling Good: Powering the Next Gen of Fitness and MedTech.

The Future of Online Shopping.

Get regular insights

Share

Many trends are responsible for the maturation of the artisan economy around the globe, such as the rise of e-commerce, a growing interest in the environment and sustainability, the demand for rare, unique, personalised items, and a desire to support the local economy and small businesses.

Get regular insights

The weavers and artisans work hard to keep the rich Indian arts and crafts heritage alive. According to IBEF, the total handicraft exports from India reached $3.5 billion in FY20. With over 200 million artisans, India’s handicraft sector is the second largest employer after agriculture.

Etsy, founded in 2005, now has more than 1.4 million sellers and 19.8 million buyers. Etsy focuses on handmade and vintage items and features over 5.4 million craft supply items.

Case Study: How Etsy carved a niche for the handmade sector using an e-commerce platform

The Overview

The Approach

The Results

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Helping brands uncover valuable insights

Trend 1: Booze without the buzz.
The rise of no-to-low alcohol

Trend 2: Spirit-based ready-to-drink beverages.
RTDs create a stir in the beverage industry

Trend 3: The Shift to drinking smart.
Low-cal, plant-based, and gluten-free options

Trend 4: Unlocking Craft Alcohol.
The popularity of mall-batch wine, spirits, and beer

Trend 5: The future of packaging.
Innovative, sustainable, and inclusive design