The 23rd edition of the GRIT Report is out, the leading and most comprehensive survey of the market research industry. While the report has historically tracked trends in the market research industry, including the “GRIT Top 50” rankings of research suppliers and “GRIT Top 25” client companies perceived the most innovative, the 23rd edition also looks at trends and new topics disrupting all industries, such as GDPR and blockchain, and its potential impact on insights and MR.
The General Data Protection Regulation (GDPR) went into enforcement as of May 2018. The key principle of GDPR is giving consumers control of their data collected by companies. And, companies that breach the rules can face fines of up to 4 percent of total global turnover. Currently, GDPR applies to any organization operating within the EU, as well as any organizations outside the EU offering goods or services to customers or businesses in the EU. However, many believe GDPR-like regulations are likely to adopted by numerous other counties in the upcoming years, including the US.
How does this impact the market research industry? Richard Thornton of Cint notes, “Fortunately, for most in market research, GDPR is the realization of many of our industry’s best practices around data governance, data protection, and data quality. MR professionals are in a unique position to leverage GDPR compliance as a competitive advantage.” However, according to GRIT Report, when you apply the readiness scores to the awareness scores, the result is that only about 12% of total participants are aware and ready, with another 30% implementing standards. That means nearly 6 out of every 10 participants will not be ready for GDPR by the time this edition of the GRIT report is published.
Other global issues included in the report is blockchain. As explain by CNBC’s Tom Chitty, blockchain is a global online database that anyone with an internet connection can use but doesn’t belong to anyone. As the report notes, “The issues of data privacy and sample quality have driven consideration of how blockchain might (or might not!) be applicable to the insights industry.” Regardless, many research executives and vendors are considering, and including perceptions of blockchain, in current research initiatives. Still confused on how blockchain works? Listen to Chitty provide some additional clarity on the matter here:
Beyond GDPR and blockchain, the GRIT Report features a wealth of provocative and useful information. Thanks to Greenbook for their efforts in designing, executing, and sharing the GRIT Report! You can access the full report, infographic, outline, and more.
It’s a busy world we live in today. There are a lot of good things happening nowadays―leap and bounds in technology and medical innovation, the potential for autonomous vehicles and automated everything, longer lives lived, and ever-present connectivity, just to name a few. At the same time, a lot of problems are ever-present―the increasing wealth gap, the spiraling use of deadly weapons, the re-emergence of despotic rule across the globe, and the overall ecological demise of our planet. As the saying goes, “it’s a crazy mixed-up world we live in.”
Which leads me to ask myself: How is my quality of life? Typically, I have been a “glass half-empty” kind of guy―blame it on my being both a Capricorn’s Capricorn as well as an only child; I’m always willing to account for the downside of a situation. Yet, I do lead a really good life, and I consider myself one of the lucky ones. I guess you could call me “cautiously optimistic.”
Given this, I think there’s always room for improvement, even for a lucky one like me. That’s why I’m always on the lookout for ways to assess, then improve my lot in life. For a while I would attend TED-type conferences but eventually found them a bit too ‘lofty’ and self-aggrandizing; on the flip-side, I’d trek to Burning Man, but found the hedonism and general silliness outweighed the sheer force of the event, and soon the buzz wore off.
This year I found something that looks a bit different, a conference that contains a set of speakers who seem quite grounded in the realities of addressing quality of life in today’s world. No silver bullets or bombastic kernels of wisdom, but rather the tact of taking a particular city that treats its citizens well, in this case Zurich, Switzerland, and use it as a case study in context to demonstrate how aspects of daily life in Zurich, and beyond, are addressed and supported by its citizenry.
Hosted by Monocle magazine, the Quality of Life conference will be held this June 28-30 and is scheduled to address a diverse, yet interrelated, array of topics key to quality of life, including architecture, entrepreneurship, work, mobility, safety and security, health, aging, food, retail, and art and design. All of these Zurich does quite well, and the hope is that attendees see such demonstrations on the streets of Zurich, hear related stories from speakers at the conference podium, and discuss among themselves how such things can be brought back home.
Quality of life is a broad subject to tackle. Overall, I feel they’ve laid out a good breadth of perspectives to address the subject (though the absence of spirituality and/or self-discovery is sorely missed―but then again, I’m an American where nowadays such topics are de rigueur regarding quality of life issues).
Being ‘cautiously optimistic’ I also have a few doubts about the locale, given the Swiss legacy of secrecy, as well as the Anglo-monolithic demographic composition of the place. Yet, from a global perspective, Zurich has a lot of things to envy―the Swiss have a zeal to get things precisely ‘right’ and Zurich is their crown jewel.
Monocle has proven experience in hosting such conferences, albeit strictly from a pan-European lens (e.g., Lisbon, Vienna, and Berlin), though attendees are from further afield. One can hope those lucky enough to attend bring something home to their own little corners of the globe, making things a bit better for us all.
The facts, trends, and numbers are evident. The subscription industry is growing day by day. Whether you’re looking for ways to discover new organic snacks, or spoil your pet, or get a clean shave, subscription boxes are disrupting nearly every consumer product category and are a major contributor to shifting the e-commerce landscape.
- The subscription e-commerce market has grown by more than 100% percent a year over the past five years, with the largest retailers generating more than $2.6B in sales in 2016, up from $57.0M in 2011.
- E-commerce subscribers are most likely to be 25 to 44 years old, to have incomes from $50,000 to $100,000, and live in urban environments in the Northeastern U.S.
- 15% of online shoppers have signed up for one or more subscriptions to receive products on a recurring basis, frequently through monthly boxes.
- Amazon Subscribe & Save, Dollar Shave Club, Ipsy, Blue Apron and Birchbox are the five most popular subscription sites in 2018.
These and many other insights are from an in-depth survey McKinsey & Company completed to better understand the dynamics of the subscription e-commerce market and its major trends. The results of the survey, Thinking inside the subscription box: New research on e-commerce consumers is a fascinating glimpse into the current state of the subscription economy.
The latest industry to take hold of this curious trend, the automotive community. Traditionally, options for vehicle ownership were either lease or own. But in a growing number of metropolitan markets there is a third option emerging: car subscriptions.
Marketing and positioning of these car subscription options from brands such as Ford, Porsche, Cadillac, and now Volvo appear to be targeting urban living tech-savvy Millennials who are non-committal towards car ownership, live and enjoy a subscription model lifestyle (Netflix, Blue Apron, Dollar Shave Club) and are willing to pay for the trade-offs of flexibility and options.
For example, the Porsche Passport lets you choose among eight car models (including the 718 Boxster and 718 Cayman S) for $2,000 per month or choose from 22 different Porsche models for a $3,000 subscription. With Porsche Passport, you can switch cars as often as you choose. Cadillac’s subscription service, which comes in at $1,800 per month, lets you swap between cars as often as 18 times per year.
It is still too early to determine adoption of this latest subscription fad. Auto makers have a major hurdle regarding availability as they look to move beyond the main metro markets. It will be one of many trends in the automotive industry to keep an eye on in 2018 and beyond.