In their search for differentiation, modern retailers are constantly trying to anticipate the needs and desires of their current and future shoppers. Based on their customers’ in-store behavior, this is usually more of a trial-and-error process than a structured research and development process.
In this search for new shopper insights, the Latin America Council has undertaken several projects to understand emerging consumers, the broadest segment in Latin America. This time, the Latin America Council commissioned McKinsey to search for needs that are meaningful to these consumers but aren’t always clearly expressed. To conduct the search, the Latin America Council and McKinsey developed a specific approach for identifying needs and factoring their relevance across the list of market segments. Several research techniques and methodologies were visited, including the brand positioning tools and frameworks used by the consumer goods industry to put a little more science into the art of identifying shopper needs and translating them into store concepts. Read more in the report below.