On Thursday May 7, we hosted eNumerate, a virtual thought-leadership event to help insights leaders better understand consumer behavior and how Numerator is evolving to help meet their needs during this unprecedented time. The event was fast— matching the speed of today’s marketplace, and fitting 9+ speakers into two hours— and it focused on moving forward to better understand and anticipate consumer behavior in a post-COVID-19 world.
Numerator Product Announcements: new capabilities for a new time
We’re moving fast and moving forward, too. We’ve been busy launching and adjusting solutions to help brands respond to the immediate and long term impact of COVID-19 with products that provide quick and addressable insights as well as dynamic and on-going solutions that prepare brands for the post pandemic “new normal.” Here is what we’ve been up to:
- Dynamic Recession Based Segmentation helps manufacturers and retailers understand how perceptions and shopping behaviors evolve related to the financial aftermath of the pandemic
- COVID-19 Premium People Groups unlocks immediate insights on how the pandemic is currently impacting consumers’ finances, concerns and precautionary behaviors
- Test Panels for Concept Screening allows users to ask “what if” by leveraging the power of verified purchase data without biasing panel reporting
- Quick Pulse Instant Surveys allows users to get answers to custom questions when they need them by creating surveys on-demand in the platform
- COVID-19 Messaging Elements Flag in Ad Intel and Promotions Intel that allow brands and retailers to easily identify ads or promotions that include messaging specific to COVID-19
- Early Read Data that exposes data as recent as the previous day is now accessible in our Panel Data Feeds to help brands respond quickly in these times of unprecedented change
Insights from Numerator
Numerator has done extensive research into consumer behavior throughout COVID-19, and at eNumerate, we began to share our look forward at what that post-COVID-19 world will look like. Our findings came down to three main themes, ranging from omnichannel shifts, changes to everyday home life and behaviors, and preparations for continued economic fallout.
The shift online has accelerated, and with developments like non-essential store closures and product shortages, consumers have been driven to new retailers and channels to complete their purchases. The net of all of this is a more digitally-empowered group of consumers across the country, as well as consumers who are more willing to shift between channels and retailers to meet their needs.
The Trip Home
With more time spent at home, consumers are going back to basics and back to their kitchens. Pantry staples thrive as 2 in 3 consumers increase their at-home cooking, and many anticipate their new behaviors will stick even after the pandemic has subsided. In addition to at-home behavioral changes, the way we shop is changing, with consumers making fewer trips in-store.
Consumers are facing increasing financial pressures, and in addition to worrying about current and future waves of COVID-19, they are deeply worried about the economy and their financial health. As the recession takes hold, low cost stores will gain share, while premium and natural/organic will lose. It’s undeniable that the financially vulnerable have been hardest hit by the economic impacts of the pandemic, but middle income individuals are already showing impacts as well, and as the situation continues, this is likely to carry across all income levels.
Insights from our Client Presenters
In addition to announcing new products and sharing our latest research, we invited our clients to present on how they’re using data to navigate these unprecedented times. Here’s what we heard:
- Nick Modi, Managing Director at RBC Capital Markets, discussed the 3 timelines that CPGs need to consider when planning for a post-COVID world, including how increased FMCG sales on Amazon might impact brands’ ability to understand their consumers.
- Liz Tarpinian, Sr. Director of Consumer & Market Insights at Unilever, covered the importance of early cross-functional communication in times of crisis, and being agile with the ‘incomplete’ data you have in order to react quickly in today’s unpredictable world.
- Laura Lynn Freck, Director of Shopper Insights at Red Bull, redefined the term ‘fast’ by showing how leveraging Numerator’s Test Panel and the new Concept Screening Instant Survey allowed her team to gain insights in days and take action that same week. This helped Red Bull stay on the cutting edge of the category and cement their place as a trusted partner for retailers.
- Nathan Noertker, Team Lead of Shopper Outperformance Team at RB, shared the power of bringing his brand’s custom segmentations to life within a modern consumer panel— not to mention unlocking over $8m in growth opportunities.
Numerator will continue to work quickly and publish the research you need to better understand today’s changing world. If you would like us to present insights on Anticipating the post COVID-19 consumer to a group of your colleagues or to hear more about any of our latest product innovations, reach out to your Numerator representative to discuss how we can help your business move forward.