W&F November 2017

Wealth & Finance International - November 2017 13 D’Well Research: An Experience That Matters research outsourcing and phasing out of data dumbing are positive trends. “The following trends and challenges are visible in the Market Research Industry in Asia and Pacific region. “Economic slowdown: The market research Industry is affected by the economic slowdown in China, India and ASEAN countries. The research industry is not recession proof. The market research is treated like other branches like Advertising, communications and other branding activities in difficult times. “Better, Faster and cheaper: The race for better, faster and cheaper is getting hot. New techniques, technologies and processes are allowing clients to get insights quicker. The companies are now moving ahead with the adoption and use of new technologies though the region lags behind the west in application of new technologies. “Mobile research: The state of mobile research is different from market to market. It is prominent in Singapore and Hong Kong. With smartphone penetration increasing the technology, it is bound to become more common in other parts of Asia like China, India and Indonesia. “Outsourcing: Outsourcing field work and operations is the new normal in the region. Previously research agencies had inhouse fieldwork and data processing departments, but now the need for cost-efficiency and operational difficulty in maintaining large teams have forced agencies to outsource. The trend is visible in low cost markets like India, Philippines, etc. “Data-Dumbing is the way out: The days of research agencies resorting to data dumbing is over, as clients seek to work with companies having business knowledge and providing actionable insights. Clients are seeking to engage directly with senior research staff to get insights for their business goals.” In concluding remarks, Thomas predicts what the future holds for the company, draws attention to the forthcoming projects, plans for consolidation and further expansion of the company to new markets like Africa and Europe. “Moving forward, we aim to consolidate our grip on Asia-pacific markets and grow our business to Africa and Europe. Already, we have a new functional office at Singapore to cater to the APAC region. In the future, we plan to open a new office in Europe to enter those markets. “Lastly, we want to grow into a Global company, who are committed to provide Market intelligence for Innovation. We want to serve and support the Global Innovation research and community through our services, like product development and forecasting, through optimization of user centred design of products and services by analysis of user experience in target markets.”