Retail

Generative AI is revolutionizing market research by offering unprecedented ways to understand customers, assess competitors, and extend data-driven decision-making organizationally. Research with pioneering companies reveals four key opportunities: gen AI supports existing practices by making them faster and more scalable; replaces traditional methods with synthetic data that can match conventional results with greater accuracy; fills insight gaps by providing evidence for decisions previously based on intuition; and creates innovative applications like digital twins for testing customer interactions. Survey data shows 45% of market researchers already use gen AI, with most employing it to analyze transcripts and data. While acknowledging limitations around bias and representativeness, this framework helps business leaders navigate gen AI's transformative potential in gathering customer and market insights more efficiently and effectively than ever before.