NIQ's Innovative AI Solutions for CPG Brands at Festival 2024
NIQ Unveils Cutting-Edge AI Solutions for CPG Brands
NielsenIQ (NIQ), recognized as the world's leader in consumer intelligence, has made significant strides in artificial intelligence with the introduction of two groundbreaking tools designed to support consumer packaged goods (CPG) brands. The advances include BASES AI and the very first large language model specific to the CPG industry, empowering clients with crucial insights and analytics.
Transforming Insights with BASES AI
BASES AI is a revolutionary platform that leverages consumer-permissioned data to understand consumption habits across vast numbers of households. This innovative technology enables the simulation of consumer behavior, providing real-time insights and allowing CPG companies to analyze potential concepts in as little as 10 minutes, rather than the traditional timeline of days or weeks.
Accelerated Consumer Feedback
This newfound speed facilitates a more efficient innovation process. Companies can efficiently analyze multiple ideas while reducing the time spent on product development. Furthermore, the integration of NIQ’s new language model enhances product segmentation capabilities within the flagship Discover retail measurement platform, significantly improving the accuracy and speed at which items are coded.
The Impact of AI on Market Trends
“As the leading consumer intelligence player, we unlock mission-critical insights,” stated Ramon Melgarejo, President, Strategic Analytics & Insights at NIQ. In an ever-evolving consumer environment where innovation relies on trend intelligence, possessing high-quality data is essential. These latest advancements emphasize NIQ's commitment to leveraging analytic prowess across a wide array of data sets.
Empowering CPG Companies
NIQ's robust product suite, backed by a dedicated team of 2,000 engineers, analyzes approximately $7.2 trillion in annual global consumer spending. The organization's partnership with over 3,200 unique retailers ensures comprehensive data coverage and insights that are vital for CPG companies aiming to enhance their market share.
Expanding AI-Powered Solutions
BASES AI and NIQ's new language model are just the latest in a series of AI-enhanced solutions from NIQ. Recently, the company has integrated consumer panel data and retail measurements into the NIQ Discover Platform. This cloud-based solution offers clients customized insights, enhancing their ability to respond to pressing business questions. The recent launches include collaborations and tools that utilize expansive data for more informed decision-making.
Integrative Technology and Consumer Insights
NIQ’s integration with Microsoft Azure Marketplace and unique collaborations like Tik Tok Shop demonstrate its innovations in the consumer insights landscape. Additionally, NIQ services for SPAR International underscore its global reach and adaptability in varied markets.
A Heritage of Innovation at NIQ
“The drive to innovate and excel has been coded into NIQ’s DNA for over a century,” said Mohit Kapoor, Chief Technology Officer at NIQ. The company's strategic merger with GfK has further solidified its position, allowing for the analysis of a staggering 2.48 trillion transactions weekly. This positions NIQ to not only provide comprehensive consumer behavior analytics but also to keep pace with evolving market needs.
Latest Reports and Consumer Insights
NIQ consistently delivers proprietary insights about global consumer trends. Its recent reports, such as the SpendZ report, offer in-depth analyses of Gen Z spending habits, while the Consumer Outlook details consumer sentiment and strategies for driving growth in an ever-competitive landscape.
About NielsenIQ
NielsenIQ (NIQ) leads the market in consumer intelligence by unraveling complex consumer buying behaviors and offering pathways to growth. The merger with GfK has expanded its operational reach in over 95 countries, creating an entity that now represents 97% of global GDP. With its advanced analytics capabilities, NIQ provides the Full View™ of the consumer landscape.
Frequently Asked Questions
What is BASES AI?
BASES AI is an innovative platform that mimics consumer behavior using real-time data, allowing for rapid market concept analysis.
How does NIQ support CPG brands?
NIQ aids CPG brands by providing insights and analytics that help them drive innovation and enhance market strategies.
What recent advancements has NIQ made in AI?
NIQ recently introduced BASES AI and a CPG-specific language model, improving data analysis speed and accuracy.
How can NIQ’s tools benefit companies?
The tools provided by NIQ allow companies to gather insights quickly, enabling faster decision-making and strategy development.
Where does NIQ operate?
NIQ operates across more than 95 countries and is involved in analyzing a significant portion of global consumer spending.
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