Segmentation Algorithms and Rater Bias: How our proprietary algorithm for market segmentation outperforms standard approaches
Segmentation is a method that partitions a market to market segments. These are essentially subgroups of consumers who have similar characteristics, be it their attitude towards shopping, their life philosophy, their preference to a product, etc. The idea behind segmentation is that it helps firms develop more efficient marketing strategies, such as to better target their products to their consumers based on the different needs of segments.
Horizon Consumer Science CEO and Founder, Ian Cesa, Ph.D., Research Psychologist and Data Scientist, spoke at UC Irvine's Applied Innovation Center on November 2, 2018. Check out his talk, titled:
How to Run a Successful Market Research Project (And the Pitfalls if You Don’t!)
A new article in the Daily Mail Online explores some insights from our TRaCS study:
The number one reason people shop when they are abroad is to buy unique 'things that are different from home', followed by unplanned, sometimes impulsive purchases of 'whatever catches my eye' and 'items the place has a reputation for.
Read more here.
The Travel Retail Catalyst Study (TRaCS) of 22,000 international travellers from over 40 countries gives us insight into shopping behaviors, motivations, and trends, and allows us to compare nationalities.