Collecting forward-looking data
Lawrence Chia
Chairman, Pico Group

Data – and increasingly, big data – is an essential tool to predict consumer behaviour. But the quality of the prediction depends on the quality of data collection.

Pico’s Chairman’s column in Headline Finance mentions some ways technology is improving in this area. For example, market research company Nielsen recently launched ‘Smartstore’ to fulfil retailers’ and manufacturers’ need to reduce costs and improve efficiency. Respondents enter 3D virtual immersive shop environments and test multiple live scenarios, yielding details on head, eye and feet movements which can be analysed to help optimise sales strategies.

It is likely that the event industry will also increase its use of immersive VR in the future to predict consumer behaviour. Virtual event scenarios will make it is possible to elicit actual responses from respondents without constructing actual venues and facilities. The ‘finished product’ can be fine-tuned according to the collected data, reducing the need for in-kind trials and cutting research costs.

*The above is a summary of the original Chinese article.

The full insights article was first published in Headline Finance on 16 May 2019 (in Chinese only).

Headline Finance has granted Pico permission to publish the article on all online and offline communications channels operated by Pico, as well as the channels of all our subsidiaries and affiliates. 

Source: Headline Finance (E-newspaper versionWebpage version), 16 May 2019