Kantar IMRB and PAYBACK today published a comprehensive report named Shopper Barometer that monitors the shoppers' perceptions of the economy and their financial well-being that impacts their buying decisions. This is the first study to track sentiments among consumers thus providing a real-time view of validated spends and thereby create robust models to predict future spends.
Talking about the study, Sushmita Balasubramaniam, Executive Vice President, Kantar Shopper said, "Shopper sentiments are down but not out – the financial strain is more likely a response to the current economic environment rather than lack of cash or affordability. It is evident that they are prioritizing what they choose to spend on – some categories like fashion, dining out have shown an increase in spends. The sentiments also vary by cities; those which have a population less dependent on IT & IT enabled services are more buoyant. A Shopper Index is a valuable tool for marketers & retailers, especially since it provides inputs into category spends apart from the overall shopper sentiment. This can input into crafting strategies that will either ride the wave or address shopper concerns for specific categories."
Kantar IMRB's Shopper Barometer surveys PAYBACK's (India's largest Loyalty program) customers on two key areas i.e. spends and the disposition to spend – overall and by key categories. The study gives a complete read of the trendsetter urban markets and the consuming classes.
Commenting on the study, Mr. Rijish Raghavan, Vice President and Head of Partner Management PAYBACK India said, "PAYBACK network spans over 50+ brands, primarily leaders across each of the consumer spend categories and more than 60 million members engaging across this network. This places us in a unique position to access and develop high level intelligence and insights on consumer behaviour and buying patterns. This partnership and recent study with Kantar is another step in this process to leverage the understanding of our network of consumers to create actionable insights for retailers across the country around consumer sentiments and spend patterns by understanding the pulse of the consumer. This study will enable marketers to develop strategies around personalised experiences and engagement customised to specific service categories and consumer choices."
Currently, the Shopper Barometer covers a strong panel of 1200 PAYBACK customers drawn from the Upper to Middle Social Classes (SEC ABC) in the 8 leading metros of the country – Mumbai, Delhi- NCR, Kolkata, Chennai, Bengaluru, Hyderabad, Ahmedabad, and Pune.
"Both Kantar IMRB and PAYBACK track consumer spending across a large basket of categories. We have come together to combine our data strengths to create a bell weather indicator of Shopper Sentiments validated by spending patterns," said Puneet Avasthi, Senior Executive Director, Data Alliance, Kantar IMRB.
The study has been envisaged as a track with multiple waves over a period. The recently conducted first wave provides a good read on the Shopper sentiments post budget as a baseline. A follow-up wave is proposed later this year, to read shopper mood once GST starts settling in as also factors such as Monsoon etc.
About Kantar IMRB
Kantar IMRB is a pioneer of market research services in Asia. It partners its clients across the entire brand life-cycle through a unique mix of innovation and analytical thinking to design customized solutions that deliver greatest impact. Kantar IMRB's suite of solutions is designed on frugal, agile innovation and adds value, real value, to help clients make impactful decisions. By leveraging on its large array of syndicated services and specialist divisions, Kantar IMRB helps clients in crafting marketing and consumer strategies. Kantar IMRB has created products and frameworks for global clients using the expertise and knowledge of emerging markets. With a multidisciplinary and multi- cultural workforce, Kantar IMRB is at the forefront of research and consulting services.
Kantar IMRB has been a leader in setting up industry measurements like India's first TV rating system (TRPs), the first and only household panel in the country –Household purchases of FMCG's (Kantar World Panel), the National Readership Survey (NRS), first IT (ITOPS) and Digital ( I Cube) studies, Online audiences (WAM) and Mobile usage (Mobi Track).
Kantar IMRB also played an important role in the standardization of market research practices in India and was responsible for creating the Socio-Economic Classification (SEC) system in 1983 – a method now used across India to segment and define target audiences.
An eight-time recipient of "Agency of the Year", Kantar IMRB's footprint extends to 49 offices across 67 countries. Visit: www.imrbint.com for more information. Follow us on Twitter | Facebook | LinkedIn
About PAYBACK India
It is India's largest multi-brand loyalty program offering its members a multitude of benefits. It has over 50 partners including affiliate brands participating in the PAYBACK Network across categories in-store as well as online namely American Express, ICICI Bank, HPCL, MakeMyTrip.com, Big Bazaar, Food Bazaar, fashion@BigBazaar (fbb), Food Hall, Central, e-zone, Home Town, Brand Factory, futurebazaar.com, bookmyshow.com, eBay, Amazon, Flipkart and many more. With such a varied portfolio of partners, PAYBACK Members can earn points on everyday shopping and redeem them for attractive rewards, at their preference.
PAYBACK also offers the Corporate Rewards Program – a unique loyalty solution designed to address the constantly evolving reward and recognition needs of Employees and Channel Partners. It delivers superior program experience to members through a dedicated call-centre and online service access.
PAYBACK's effort and work has been acknowledged across multiple industry platforms. PAYBACK won awards for 'Best Use of Partnership in a Loyalty Program' & 'Best Use of Customer and Data Analytics in a Loyalty Program' during the 10th edition of the Customer Loyalty Summit held this year. PAYBACK was also awarded the 'Best Customer Loyalty Program' at the Retail Excellence Awards part of the Asia Africa GCC Retail & Shopping Centre Congress & Awards held in February 2017. At the 9th Loyalty Summit 2016, PAYBACK was recognized as Champion of Champions – Loyalty Program of the Year, 2016. It has also won 'The Best Loyalty Team and Best Rewards Program' at the Summit. It has been awarded as the "Best Loyalty Solution Provider" 2015 in e-Retail Congress., "Product of the Year" 2013 in the Reward Points/Loyalty Programs category, based on 18,000 consumer interviews, across 23 cities in India and the Retailer Customer Service Award for 2013 in the Customer Service-Business Services category.
PAYBACK Program is operated by Loyalty Solutions and Research Private Limited (LSRPL).
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