A new report released by AIM Research and Hansa Cequity studies how and to what extent organisations in India leverage behavioural science and data science to analyse consumer behaviour across different industries and functions.
The report titled “Impact of Behavioural Science and Data Science on Consumer Behaviour” also dives into the connection between behavioural and data science in comprehending consumer behaviour and makes a case for their use in collaboration.
Data science has seen increasing popularity in the last couple of years and is used extensively by most organisations to identify growth drivers. While data is a critical input to improve customer satisfaction and increase revenues, Behavioural Science plays a crucial role in studying and analysing customer experiences, brand loyalty, and overall consumer journey.
According to the study, there is limited use of Behavioural Science techniques by Indian organisations to study buying behaviour. Around one in five respondents said they had none or rare utilisation, indicating a significant scope for improvements across certain industries and functions, some more than others. This includes studying consumers’ implicit attitudes towards the brand or analysing the impact of celebrity endorsements, ethnocentrism, the social image of inclusion or exclusivity, etc.
The report provides detailed insights through a comprehensive analysis of the survey. The study highlights cases where the utilisation of Behavioural Science could see improved outcomes if two functions within the same company worked together. Along with this, the study identifies areas in which Behavioural Science and Data Science can be used in conjunction.
The study can be used by leaders or decision-makers to get insight into where their companies stand in utilising Behavioural Sciences compared to others and realise areas where they are falling behind. The study also helps its readers identify future roadmaps in terms of using Behavioural Science along with Data Science to their advantage.
- Overall, almost every Behavioural Science technique (surveyed) had more than two in five respondents (40%) agreeing to its high/very high utilisation. Although, almost every technique also had more than 20% who said they had none or rare utilisation.
- Respondents in the marketing function had higher utilisation of most Behavioural Science techniques surveyed than all the other functions. Almost every technique had more than/around two in three (66%) Marketing respondents, saying that they have a high/very high utilisation.
- In terms of industry, different sectors had the highest share of respondents claiming they have a high/very high utilisation of different Behavioural Science techniques. However, Telecom & Media consistently performed well—almost every technique had more than 50% of Telecom & Media respondents saying yes to utilising it to a high/very high extent.
Read the full report here: