Abstract:

The rapid digitisation of data in recent decades has bestowed upon us a treasure trove of information. However, the escalating need for comprehensive insights has birthed a novel approach: synthetic data. This revolutionary concept, leveraging computer-generated information, redefines the boundaries of market research innovation. At its core, synthetic data represents an innovative methodology that augments conventional market research strategies. By generating data that mimics real-world scenarios, it allows researchers to explore diverse consumer behaviours, preferences, and trends without compromising sensitive information or facing ethical constraints. Our exploration highlights the transformative potential of synthetic data in helping clients navigate confidentiality concerns, whilst amplifying the speed of iteration and enhancing the depth of analysis.

We have run regular hackathon sessions to stress test synthetic data against real-time primary data. We have tracked and monitored how our clients are using synthetic data off the back of these sessions. This paper explores the application of synthetic data in the context of a survey conducted for British food retailer, Marks and Spencer (M&S).  Our focus is on comparing real-world data amongst M&S sushi buyers and non-buyers, in order to evaluate the efficacy and reliability of synthetic sampling in replicating the nuances of a specific consumer segment. We emphasise the ethical considerations and cautionary measures needed in harnessing the potential of synthetic data. It?s not merely about leveraging technology, but ensuring that innovation aligns with ethical standards, upholds empirical validity and respects the dynamism of real-world scenarios.