For the food and beverage sector, the COVID-19 pandemic meant unexpected spikes and downward spirals in product demand and fulfillment as consumer sentiment and preferences changed quickly while the global supply chain struggled to meet demand.
Artificial-Intelligence (AI) and Natural Language Processing (NLP) can help to stay on top of such changing trends by ingesting large volumes of unstructured data procured from data sources like social media platforms, e-commerce platforms, product review and retail data to uncover hidden consumer insights.
This technology offer is an AI-enabled insight engine that is able to generate unbiased insights from a range of data sources - providing emerging trend analysis to the validation of a product concept from a market research perspective, thus helping to improve the speed-to-market and the success rate of product launches. It helps market research teams to gain a comprehensive understanding of the drivers behind the trends for a given CPG category, including a prediction of its trajectory.
This technology utilises a multi-lingual AI engine that analyses data sources in their native language.
The engine also incorporates image analysis to further augment the NLP capabilities of the engine.
The following are the key features of this technology:
Data is collected from multiple sources:
This technology predicts the trajectory of ingredients and/or CPG products from a data-driven approach to determine if the trend is here to stay or is declining, and is able to validate the product concepts with data-centric metrics.
It has the following application areas and is not limited to F&B applications:
Creation of new products
Predict the emerging trends in a given category and identify white space opportunities
Existing product innovation
Identify new consumption/use-case opportunities and growth areas
Optimize product portfolio and support data-driven market positioning
Identify changing consumer behaviour to enable the re-positioning and promotion of existing products
Testing originality and relevance of new product concepts
Data-driven concept screening technology, designed to automatically screen and optimize new product concepts
The technology owner is looking to collaborate with F&B, Personal Care/Beauty and Fast Moving Consumer Goods (FMCG) product and consumer insight teams, research and development (R&D) teams to co-develop and test-bed new products/services.