The landscape of market research is undergoing a significant transformation, driven by the innovative use of artificial intelligence (AI). A Singapore-based startup, Ai Palette, is at the forefront of this disruption, aiming to reshape an industry that has remained largely unchanged for over a century.
Founded in 2018, Ai Palette leverages AI technology to provide real-time predictive analytics, enabling brands to understand and anticipate consumer trends more effectively. The global market research industry, valued at approximately $87.7 billion, is projected to grow by an additional $15 billion within the next four years, with AI playing a pivotal role in this expansion.
The roots of market research can be traced back to the 1920s, when American psychologist Daniel Starch conducted the first-ever market research study. Fast forward to today, and companies are increasingly turning to AI to navigate the complexities of consumer preferences and market dynamics.
Ai Palette’s platform stands out by utilizing over 61 billion data points sourced from 24 countries. This extensive database allows the startup to generate innovative product concepts based on identified market trends. According to Somsubhra Gan Choudhuri, co-founder and CEO of Ai Palette, the platform significantly reduces the cognitive load typically shouldered by human analysts.
Choudhuri explains, “For instance, if a company is looking to introduce a new juice product in Thailand, our platform can advise them on the specific type of juice to launch and the optimal positioning strategy to ensure market success.” This capability is rooted in the analysis of vast amounts of food-related data, which helps pinpoint emerging trends.
Prior to establishing Ai Palette, Choudhuri gained valuable experience in the fast-moving consumer goods (FMCG) sector. He observed that many companies struggle to keep pace with rapidly evolving consumer preferences and often find it challenging to forecast popular trends from one year to the next.
Recognizing the potential of AI and machine learning, Choudhuri was inspired to create a solution that could assist brands in navigating these challenges. He notes, “As I delved deeper into AI and machine learning, it became clear that it was only a matter of time before these technologies would have a profound impact across various industries.”
Part of Ai Palette’s innovative approach involves analyzing up to 39 different factors that influence market trends. This comprehensive analysis has garnered attention from major players in the food and beverage industry, including global giants such as Nestlé, Pepsico, and Kellogg. These companies are increasingly recognizing the value of AI-driven insights to stay competitive in a rapidly changing market.
The ability to forecast trends with greater accuracy not only enhances product development but also aids in creating localized offerings that resonate with consumers. For example, Ai Palette has successfully helped brands develop unique products like calamari-flavored cereal, catering to specific regional tastes and preferences.
As the market research industry evolves, the integration of AI technologies is expected to become more prevalent. Companies that harness the power of AI can gain a competitive edge by making informed decisions based on real-time data and predictive analytics.
In conclusion, Ai Palette represents a new wave of innovation in the market research sector, demonstrating how AI can transform traditional practices and empower brands to better understand their consumers. With the support of leading food and beverage companies, Ai Palette is poised to redefine the future of market research and consumer insights.
