{"id":55589,"date":"2022-02-24T04:42:18","date_gmt":"2022-02-24T04:42:18","guid":{"rendered":"https:\/\/eyeware.tech\/?p=55589"},"modified":"2022-02-24T12:04:24","modified_gmt":"2022-02-24T12:04:24","slug":"eye-tracking-costs-roi","status":"publish","type":"post","link":"https:\/\/eyeware.tech\/nl\/blog\/eye-tracking-costs-roi\/","title":{"rendered":"Is Eye Tracking het waard? Het meten van ROI wanneer u experimenteert met Eye Tracking studies in de detailhandel"},"content":{"rendered":"
In the crowded environment that retail has become, staying ahead of competitors and knowing what works (and what doesn\u2019t!) requires many research instruments and new ways of looking at data.<\/span><\/p>\n One innovative technology that gained traction in market research is 3D eye tracking<\/b> – the process through which the shopper\u2019s gaze and attention are captured, monitored, and analyzed to gain<\/span> shopping behavior insights <\/b>and, in the end, increase sales.<\/span><\/p>\n Suppose you\u2019re considering eye tracking but still have questions about costs or possible implementation challenges. In that case, we\u2019re here to discuss the ROI of getting shopper data through 3D eye tracking and how to keep costs low and mitigate risks as much as possible through no unnecessary investments.\u00a0<\/span><\/p>\n These are a few of the challenges our article is aimed at clarifying, dedicated to brands, retailers, or market research agencies still in doubt on whether to apply<\/span>\u00a0eye tracking studies as a way of accessing greater shopper research.<\/b><\/p>\n Stay tuned and find out what makes an eye tracking study worth your budget, <\/span>why and when your company can take into consideration eye tracking research, at what costs and what can you get out of it.\u00a0<\/b><\/p>\n When talking ROI, <\/span>shopper insights<\/b> can yield more value than a simple math calculation showing how much cash you made from your investment or how fast you recouped the money.\u00a0<\/span><\/p>\n Unlike other market research techniques, eye tracking can give<\/span> the most unbiased and authentic insight<\/b> into a person\u2019s perceptions and desires.\u00a0<\/span><\/p>\n Each type of gaze, eye movement, or blinking habit says something about the shopper\u2019s subconscious and real feelings about a product, which can often be done unconsciously at the moment of their first visualization.\u00a0<\/span><\/p>\n Consequently,<\/span> shopper attention data<\/b><\/a> has become even more valuable than cash analysis because it yields more intimate insights and value<\/b> – it\u2019s pure, untouched by any human post-rationalization. That is precisely why it\u2019s powerful when creating or selling a product for your target consumer.\u00a0<\/span><\/p>\n Thanks to its rawness, <\/span>attention data can confirm or rule out your market research hypothesis, <\/b>with no room for interpretation or bias. You will know if the change in the product you invested in or the fancy shelf display is worth putting the budget in or not – and that is the kind of insight that powers data-decision making.<\/span><\/p>\n However, valuable attention data can be hard and expensive to collect if you use the tried methods that have been promoted on the market so far. Most eye tracking technologies imply headgear or glasses that have to be worn by shopper subjects. These devices are pretty intrusive and interfere with natural buying behavior. The good news is that these are not your only options and that you can get the same data for less.<\/span><\/p>\n As an Innovation Manager or Market Research Manager, budget is always an important variable when making decisions. Questions like<\/span> How much should you invest to meet your research objectives? <\/span><\/i>OR <\/span>What is an acceptable price\/quality ratio for eye-tracking systems? These are<\/span><\/i>\u00a0things we hear all the time, with good reason.<\/span><\/p>\n To have a starting point, <\/span>we will assist you in mapping the eye tracking solutions out there and making a short cost-quality analysis.<\/b><\/p>\n There are lower-end and high-end eye tracker solutions.\u00a0<\/span><\/p>\n The price difference comes from:<\/span><\/p>\n While <\/span>there is no exact price to an eye tracking system<\/b>, as costs vary depending on the type of project and industry that is used in and its research objectives, some price ranges can be pinpointed, if you want to get a bird\u2019s eye view on the types of investments a company can make in eye tracking research:<\/span><\/p>\n Besides being intrusive, headgear is usually quite expensive.\u00a0<\/span><\/p>\n Here, at Eyeware, we make innovative eye tracking research accessible to any retailer, research company, or internal innovation department that wants to better understand shopper behavior and improve their retail strategy. Our mission is to deliver eye tracking solutions that can easily pass the value for money test.\u00a0<\/span><\/p>\n That is where <\/span>remote eye tracking <\/b>comes to meet the needs of companies in search of an <\/span>innovative, reliable, and affordable eye attention monitoring technology<\/b>.<\/span><\/p>\n <\/p>\n Even though the earliest innovators are willing to pay a premium for cutting-edge technology, that doesn\u2019t mean you can\u2019t mitigate risks by avoiding investments inexpensive gear and consultants’ time.<\/span><\/p>\n Our 3D eye tracking technology collects your shopper data without any intrusive instruments that come with a hefty price tag. You will be able to get the same data with:<\/span><\/p>\n So, no pricey instruments or sensors means<\/span> no risky budgets – this way of running eye tracking studies mitigates the upfront risks one might take with gear and support.<\/b><\/p>\n Extended research studies that take months won\u2019t need consultants on the premises or other investments<\/b> other than an easy-to-use software license.<\/span><\/p>\n It\u2019s as easy as mounting a camera on a shelf, and you can start collecting shopper data from day 1. <\/b>The only investment made is in the inexpensive hardware and software license.\u00a0<\/span><\/p>\n We\u2019ve listened to feedback from research companies, retailers, and brand managers, understood the struggles and issues, so we\u2019ve developed a sustainable eye tracking solution that works with low-cost equipment and can collect data over long periods.<\/span><\/p>\n <\/p>\n All you need is <\/span>a depth-sensing camera<\/b> (hardware) to track thousands of customers in a GDPR friendly anonymous way and <\/span>GazeSense<\/b><\/a>, a software created to map your store or your AOIs (area of interest – aisle, shelf display, products, etc.).<\/span><\/p>\n By <\/span>placing a discreet sensor on the shelf <\/b>or point of sale, shopper attention data can be provided in real-time or stored for later analysis.<\/span><\/p>\n <\/p>\n <\/p>\n Like any honest research, no study can guarantee specific results, especially money-wise.<\/span><\/p>\n Eye tracking studies can, however, yield insights; a \u201cchange in performance\u201d or \u201cno change in performance\u201d finding can have implications for future investments & changes.<\/span><\/p>\n However, estimating eye tracking ROI is not impossible:<\/b> for example, an increase in shopper attention towards the product by 10% can lead to 10% more shoppers considering the product, all the way down to 10% more sales – and that\u2019s an easy way to tie research and innovation to revenue.<\/span><\/p>\n You can immediately see how it trickles down to more sales by optimizing attention.<\/span><\/p>\n <\/p>\n After conducting a 3D eye tracking retail study, are there any clear positive results? This is a straightforward question to answer: definitely YES.\u00a0<\/span><\/p>\n But it is quite hard to measure.\u00a0<\/span><\/p>\n First and foremost, Return on Investment (ROI) is a performance measure that does not generate revenue unto itself in MR (market research). This is due to the difficulty in quantifying the value of what MR provides. You will know for sure that you will have <\/span>better retail\/sales insights, thanks to objective and quantifiable data<\/b>, in a way you would not have without remote eye tracking at the shelf.<\/span><\/p>\n <\/p>\n By analyzing fixations, gaze points, revisits, and other eye movement behaviors, you will have insight into the shoppers\u2019 buying behavior and be able to find out:<\/span><\/p>\n <\/p>\n We started this article by stating the importance of being one step ahead.\u00a0<\/span><\/p>\n In whichever field of work, whether it is retail or not, innovation is critical. If you do not explore new technological solutions, you will not be able to evolve and keep pace with your competitors.\u00a0\u00a0<\/span><\/p>\n In today\u2019s tech-driven commercial playground, going from good to great retail strategy happens when innovative. Many developed, evolving, or fastly emerging companies have budgeted for experimentation and innovation.\u00a0<\/span><\/p>\n However, the innovation that is capable of providing precise and actionable data is not the subject of just another experimental budget. Over time, this technology proved its value and gained a well-deserved seat in the yearly marketing budget for many companies.<\/span><\/p>\n We\u2019re starting to understand that <\/span>it all begins with a consumer\u2019s authentic wants and uncovering his \u201cwhy\u201ds<\/b> – your target and his raw instinct, that even he is not totally aware of. To be able to know what he really wants, you have to understand him and his way of acting better and making a purchase decision.\u00a0<\/span><\/p>\n By going to the source of where buyers make their purchase decisions and extracting as much data as possible, you lay the foundation for what could become <\/span>a more informed, personalized, and \u201cblooming\u201d retail strategy<\/b>.\u00a0<\/span><\/p>\n Retail data is essential, and now you have it. But how can you act upon it? What exactly can you change after gathering and analyzing the data?<\/span><\/p>\n Some of the ways to improve the marketing, sales, and merchandising strategy are to implement tactics like:<\/span><\/p>\n <\/p>\n To make it easier for any retailer, marketing manager, or market research agency to grasp the use of 3D eye tracking, we curated some publicly available retail research projects.<\/span><\/p>\n One retailer used an eye tracking to study the general shopping behavior of consumers choosing a ketchup category in a Tesco supermarket.\u00a0<\/span><\/p>\n The study was designed to optimize product package design and shelf placement of ketchup products within the store. Eye tracking accurately revealed consumers\u2019 attention patterns and the specific information perceived or ignored.<\/span><\/p>\n <\/p>\n Another was interested in the buying behavior in a frequently-shopped food category: a grocery aisle that many people shop weekly or bi-weekly.<\/span><\/p>\n <\/p>\n Having access to your target\u2019s unaltered mind is gold for your business. Shopper insights are just as valuable as cash.<\/span><\/p>\n 3D eye tracking is a fundamental piece of evidence-based decision-making<\/b> in retail \/ shelf \/ merchandising \/ product \/ packaging \/ advertising strategies. It has already exceeded the \u201cnice to have\u201d stage and is finding itself as a highly investable & results-driven research experiment, spreading fast and steadily among influential companies worldwide.<\/span><\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" In the crowded environment that retail has become, staying ahead of competitors and knowing what works (and what doesn\u2019t!) requires […]<\/p>","protected":false},"author":1,"featured_media":55599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[72],"tags":[],"table_tags":[],"translation":{"provider":"WPGlobus","version":"2.8.11","language":"en","enabled_languages":["en"],"languages":{"en":{"title":true,"content":true,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/posts\/55589"}],"collection":[{"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/comments?post=55589"}],"version-history":[{"count":1,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/posts\/55589\/revisions"}],"predecessor-version":[{"id":59122,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/posts\/55589\/revisions\/59122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/media\/55599"}],"wp:attachment":[{"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/media?parent=55589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/categories?post=55589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/tags?post=55589"},{"taxonomy":"table_tags","embeddable":true,"href":"https:\/\/eyeware.tech\/nl\/wp-json\/wp\/v2\/table_tags?post=55589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Why Is It Worth Using Eye Tracking in Retail?<\/b><\/h2>\n
How Much Does Eye Tracking Cost?<\/b><\/h2>\n
\n
\n
A typical eye tracking option (that includes headgear) often ranges anywhere from 15,000 EUR to 50,000 EUR. Eyeware offers the same data at a fraction of the cost.<\/span><\/h2>\n
How to Keep Costs Low When Doing Eye Tracking Research\u00a0<\/span><\/h3>\n
\n
\n
How to Estimate Eye Tracking ROI?<\/span><\/h2>\n
3D eye tracking studies guarantee insights and clarity into your marketing, packaging, and shelf performance.<\/span><\/h3>\n
What shopper insights can you gain?<\/span><\/h2>\n
\n
Knowing what works and what doesn\u2019t base on data is the most valid form of ROI you can get.<\/span><\/h2>\n
What Actionable Marketing Steps Should You Take after a 3D Eye Tracking Study?<\/span><\/h2>\n
\n
<\/h2>\n
Examples of 3D Eye Tracking Studies Results<\/span><\/h2>\n
Wrap up: Is 3D Eye Tracking Worth It for Your Shopper Research?<\/span><\/h2>\n
\ud83d\udc49 <\/b>Get in touch, and we\u2019ll help you use 3D eye tracking to improve your<\/b><\/a> retail shopper studies.<\/b><\/h2>\n