How AI is helping brands identify consumer trends faster
Supermarkets are a hotbed of competition. The aisles are lined with thousands of products vying for your attention and money, so how does a new player stand out in the crowd? The answer may sit with artificial intelligence.
Supermarkets are a hotbed of competition. The aisles are lined with thousands of products vying for your attention and money, so how does a new player stand out in the crowd?
This is where $88 billion market research industry comes into play. Traditionally, this would involve hands-on surveys of small groups of people, but the results are not fool proof – often only seeing trends in the near term, which can be a problem when launching a new product can take one to two years.
But companies like AI Palette are looking to use new technologies like artificial intelligence to transform the market.
“The challenge that they always have is that consumer preferences are changing faster than ever before, and they are not able to understand and predict what will be popular one year or two years from now,” Somsubhra Gan Choudhuri, Co-founder and CEO, AI Palette, told CNBC Tech: The Edge.
So how does AI Palette use large language models to predict trends? Watch the video above to find out.