Dynamic consumer trends & demand sensing in volatile, complex and uncertain markets
Anticipate and adapt to consumer behaviour shifts with Augmented AI ca
pability using all evolving market factors and Pandemic impact
Singular Intelligence is launching a highly innovative product designed for Consumer goods and retail — Always on, Real-time, All market, consumer, environment and COVID-19 impact assessment for short and long term consumer trends and demand sensing.
Consumer behaviour modelling needs to be at the core of business planning
Since its onset, the pandemic and the related constraints have changed life and business, with fundamental changes and acceleration of trends happening in human behaviour. One of the biggest realisations Retail and consumer goods Industry, has is the need to understand changing consumer trends as the starting point in the business planning cycle.
Building technologies, methodologies and processes that include analysis and prediction of consumer behaviour changes is fundamental to the business planning process, marketing and supply management.
Retail Woes in COVID-19 — A key problem is poor data analysis capabilities to anticipate, adapt and respond
COVID-19 Pandemic caused a breakdown, not because of JIT supply model, but the inability of companies to have advanced data analytics and AI capabilities that can help them anticipate, adapt and respond faster to anomalies and new situations.
It is not a new business model, rather the agility and innovation in the business model that will be important to survive and thrive.
The key here has been the challenge of knowing at a granular level varying category demand in local areas and at different times — days, weeks, months, changing weather patterns, demographic segments and local national events and so on. An Industry which was relying largely on a historical, sample, limited data analysis due to cost and time constants of legacy technologies was anyways hardly using the right contextual data and insights that affect performance.
COVID-19 pandemic and the ongoing phases have now made the importance of historical data more limited than before or any meaningful analysis.
There is now new additional context data due to COVID-19 that needs to be brought into data analysis.
AI Augmented, predictive data analysis competence is core to the solution
The new retail is being founded with a much more robust competence to understand, anticipate, adapt and respond to evolving market events and consumer behaviour by using AI-augmented, automated data analysis capabilities.
It is clear that the key inhibitor of this transformation is ‘unpredictability’ of consumer demand and solutions that can use the available data and learnings to reliably help simulate various demand scenarios.
The current situation requires
A much more improved ability to anticipate consumer preferences and buying behaviour at local and granular product segment levels in the rapidly evolving phases of crisis
utilise this dynamic insight to create predictive demand scenarios and localised daily forecasts
evolve most effective replenishment plans within the constraints of the supply chain including potential collaborative interventions within suppliers and retailers
In addition to demand alignment, transform retail value chain to ensure that the travel of product should be as direct and contactless as possible from the factory to consumer’s home.
Singular Intelligence is launching a highly innovative product designed for Consumer goods and retail— Always on, Real-time, All market, consumer, environment and COVID-19 impact assessment for short and long term consumer trends and demand sensing.
The solution enables an automated capability that learns from all relevant data that impact consumer behaviour and predicts consumer choices and preferences in the short and long term, segments and regions. The outcomes are then used to generate a comprehensive granular forecast and enable retailers, consumer goods companies and delivery partners to simulate various scenarios for most effective collaborative solutions for getting the product in the consumer’s hands.
Singular Intelligence Product
Singular Intelligence innovation lies in a predictive simulation of consumer behaviour with the application of novel AI modelling techniques harmonising diverse COVID-19, market and consumer information and using the outputs in our existing Singular Intelligence AI-based platform for more accurate, granular, rich demand forecasts than are possible using prevailing techniques. The product modules, designed for direct business use, in small to large Consumer goods and retail companies, have a framework of Predictive market exploration, Alerts and Recommendations and Scenario Simulations to facilitate agile, augmented, automated decision making.
The product has been developed with support from Innovate UK COVID-19 Fastrack Grant funding enabling a high end team of PhD Data scientists, Academic Researchers from leading UK universities and retail industry experts.
We are offering a limited trial to UK companies in the next few weeks. Contact us to learn more and plan a trial.
Sarvesh Kumar, Founder & CEO, Write to me firstname.lastname@example.org