Monday, June 3, 2019

AI-powered consumer behavior insights in CPG, FMCG and Retail is the new normal




Large CPG enterprises across the globe spend millions of dollars and thousands of man hours every year researching and trying to understand consumer behavior. They do this using conventional modes of research and try to unlock consumer intelligence for product engineering and marketing teams so they can develop, innovate and promote brands that are closely aligned with their customer’s needs.  However, using conventional methods including surveys, questionnaires, focus groups and videos are cost and time intensive, and may not provide the right ROI.  Due to these 2 critical factors large CPG enterprises are migrating towards immersive research studies based on videos since the last 2-3 years. 

AI platforms – disrupting traditional consumer behavior studies
Marketers and consumer research divisions in CPG companies are always battling the trifecta of time-cost-accuracy.  With the sheer volume of market data and manual interventions an analysis can be error-prone, slow and cumbersome inhibiting time-to-market and informed decision-making. Market research companies need to work fast and smart and automation of insights generation would be highly beneficial to help scale, reduce cost  and speed. Consumer studies involving the capture, study and analysis of video data with AI powered video platforms are disrupting the traditional modes of generating consumer insights.     
 


Introducing Streamingo
We are Streamingo, an innovative deep learning technology company singularly focused on providing video-based insights at scale. Our flagship product FizzStream, helps generate automated consumer behavior insights from video-based studies. We are focused on bringing down cost and at the same time, increasing accuracy and efficiency manifold for global CPG companies.  Fizzstream has sophisticated AI research inbuilt into the product, which allows automated leveraging of object, action and human object interaction tagging, generating insights.

Video-based insights saves time, money and increases ROI


In a fast-paced business environment large CPG companies cannot afford to wait for 2-3 weeks for a single consumer research report when the competition is waiting to close the market share gap at every opportunity. 

However, with AI-driven automated video insights solutions, companies can look forward to save 65%-75% in costs alone. Add scalability, repeatability and automation to the mix and companies have a winning solution.

 
For instance, FizzStream takes only 36-48 hours to analyze upto 500 hours of video on an average. With 70%-80% accuracy levels and an 85% uptick on speed of analysis, the ROI increase is a natural outcome. 

Research says that the market for video-based intelligence is growing at a CAGR of 25.7%.  If CPG companies have to win the battle of the brand, then AI-led video-based insights engine generating automated insights from customer behavior studies seems to be a great choice to adopt to stay ahead.  

  

As a consumer research analyst, AI-powered video-based insights would certainly give you an edge in unlocking customer insights and creating an enabling environment for focused decision-making. Do you agree?


 

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AI-powered consumer behavior insights in CPG, FMCG and Retail is the new normal

Large CPG enterprises across the globe spend millions of dollars and thousands of man hours every year researching and trying to ...