This data-driven research derives its findings from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, which covers 1.379.000+ startups and scale-ups globally. This insight features five FMCG businesses that are based on factors like formation year, location, money obtained, and more, allowing consumers to investigate the solutions of these five startups and scale-ups.
Keeping up with technological advancements means enhancing one’s competitive advantage. As a result, we provide data-driven innovation insights into the fast-moving consumer goods (FMCG) business. This time, ConsumerGeniuses has crafted an insight to enlighten consumers about five firms working on artificial intelligence (AI) solutions.
The fast-paced consumer goods business includes a large variety of products that are used in people’s daily lives. Understanding customer preferences is critical for the commercial success of FMCG items. Artificial intelligence (AI) and machine learning (ML) algorithms reliably forecast consumer trends, providing FMCG firms with a first-mover advantage. Unlike traditional research, these insights are based on real-time data, allowing informed judgments and staying ahead of the competition.
AI Palette, a Singaporean business, leverages AI to better understand what consumers want. The startup’s own natural language processing (NLP) system understands human communication as suggested while also evaluating social media data to forecast trends. The unique machine learning system developed by the firm assesses the maturity of a trend and forecasts its future trajectory, allowing FMCG businesses to build goods appropriately. As a result, the ML algorithm helps businesses to test, evaluate, and refine novel product concepts before settling on the best one.
Understanding product performance is critical since rapidly evolving customer patterns necessitate new offerings. For example, sales promotions are one method that FMCG businesses employ to guarantee that their products are effectively marketed by retailers. The automation of sales promotions based on real-time sales data allows FMCG firms to efficiently focus on problem areas and significantly decrease their losses. For that purpose, entrepreneurs create SaaS platform solutions to analyse the risks and advantages of sales promotion.
Samya.ai is a British firm that creates an AI-powered software-as-a-service (SaaS) platform for consumer packaged products. The platform of the firm predicts sales risks and opportunities, aligns sales activity with supply and demand indications, and plugs sales leaks to boost total earnings. Furthermore, the platform anticipates tactical product marketing risks in order to increase CPG firms’ ROI and profitability.
Understanding the competition is critical for FMCG firms due to the fast-paced nature of market items. Competitive insights assist FMCG firms to stay up with industry leaders and maintain market share. In addition, AI and machine learning offer real-time shelf analytics and offer FMCG producers with insights into how their goods flow from retailer to consumer in contrast to competitors. As a result, companies create off-the-shelf analytics solutions in order to gain insights about competitors’ performance.
Retail Pulse, an Indian business, provides shelf analytics and competitive insights to CPG firms. Retail Pulse uses artificial intelligence (AI) to recognise individual stock-keeping unit (SKU), corporate promotional tools, and asset banners and shelf space. In conjunction with geo-data and demographics, this data is utilised to assess the potential of each store. As a consequence, FMCG businesses have a better understanding of their items’ visibility based on shop illumination, customer psychology, and rival activity.
Instead of focusing on strategies to improve consumer product sales, salespeople spend a significant amount of time assessing retail inventory levels and filling out paperwork. Salespeople may minimise paperwork and focus more on sales by using computer vision and picture recognition. Furthermore, computer vision may help companies enhance product placement and make visual displays more appealing and effective for consumers.
Ailet, a Russian company, uses computer vision and artificial intelligence to improve CPG firms’ retail performance. The in-store execution platform from the firm provides a full real-time picture of store and field performance across all retail channels. This enables CPG businesses to optimise their shelf profits. Furthermore, the company’s computer vision technology promotes targeted actions at the SKU, brand, and category levels, increasing total sales.
Because of the fast-paced nature of business and the unpredictable nature of customer demand, stockouts are common in the FMCG industry. Stockouts result in expensive fines and lower earnings for producers. However, AI-based automated software optimises demand planning in real-time to minimise stockouts and increase on-time and in-full fulfilment objectives.
SupplyPike, a firm established in the United States, creates an OTIF radar for FMCG companies to keep track of their product fulfilment needs and prevent fines. The startup’s approach harvests and saves relevant data to forecast future OTIF fines. This allows FMCG startups and businesses to decrease their exposure to unneeded risks. Furthermore, the system streamlines the supply chain to reduce client stockouts.