Market research company NPD Group is launching a new online information service for the consumer electronics industry this month that melds the company's across-the-counter sales data with its consumer panel research.
Dubbed NPDTechworld, the marketing information portal is designed to provide clients with a representative view of market trends across all consumer segments and all channels of distribution. The company argues that this enhanced level of market insight could enable CE and information technology executives to "uncover new business opportunities, guide market strategy and strengthen retail relationships" by determining not only what's selling, but also who's buying, where they bought it, and why.
The Web-based service combines — and supplants — the point-of-sale information previously provided by NPD Intelect with consumer information collected from NPD's Online Consumer Panel of 800,000 Americans. "The richness of this insight can open up exciting new business opportunities for CE and IT leaders," explained NPDTechworld president Sima Vasa.
She added: "Today's current economic conditions and pricing pressures place a slim margin of error between success and failure. To mitigate this risk, decisions must be based not on gut instinct but on more precise information."
Categories tracked by NPD Techworld include A/V, imaging, computers and accessories, handhelds, storage hardware, and communications. Following the official rollout this month, new features on its Web site, located at www.npdtechworld.com, will allow clients to customize data to address specific business needs and to quickly access relevant information within a user-friendly format.
Once such feature is an online "dashboard" that allows subscribers to create customized graphs by designating sets of sales, marketing or attitudinal information. In addition, "solution folders" allow instant access to charts that are organized around such business criteria as total industry trends, pricing, brand and category performance, and other key topics.
Users can also access the Web site to monitor the latest industry news, view an industry event calendar and track product performance versus competitors. Taken together, these tools can help clients identify new selling opportunities, gain insight into which brands are gaining or losing market share, assess product placement strategies, guide product development, adjust pricing to current conditions, and gain insight into consumer purchasing decisions, shopping patterns and behavior.
NPDTechworld is The NPD Group's fourth marketing information segment, joining NPDFunWorld (toys and video games, launched Oct. 2001); NPD FoodWorld (foodservice, launched June 2001) and NPDFashionWorld (apparel and footwear, launched Jan. 2001).