NIQ Enhances Discover Platform with CPG-Specific Language Model
CHICAGO, Sept. 18, 2024 -- NielsenIQ (NIQ), the world’s leading global consumer intelligence company, announced two breakthroughs in artificial intelligence. BASES AI and the CPG industry’s first large language model will help NIQ clients harness the power of responsible AI to drive innovation and grow market share.
NIQ will also be speaking about AI trends in consumer buying intelligence and innovation at a panel on Thursday, September 19th at 2:20pm ET titled “Does AI Know What We Truly Want? How Synthetic Respondents Are Disrupting Product Innovation.”
BASES AI is a platform that uses consumer-permissioned data on consumption patterns across hundreds of thousands of households to mimic consumer behavior. The platform has access to data in real time, allowing it to create large panels of synthetic respondents to replicate trusted market research techniques and methodologies in a fraction of the time. Instead of days or weeks to gather human feedback, BASES AI can provide concept potential analysis in as little as 10 minutes. CPG companies can use these scores, as well as rich guidance on drivers of interest and uniqueness, to iterate on ideas ahead of final qualification with human consumers.
The speed and quality of BASES AI means a larger volume of ideas can be evaluated while reducing overall innovation timelines. The release of BASES AI to Beta-testers in North America is coupled with the release of NIQ’s first CPG-specific language model, powering the advanced product segmentation capabilities of NIQ’s flagship Discover retail measurement platform. By leveraging NIQ’s database of 160 million products, the model outperforms public LLM models by over 7x in its ability to quickly and accurately code items. With access to new accelerators, the model will continue to evolve in both capability and sophistication, providing our clients with the Full View of their market and consumers through unparalleled insights.
“As the leading consumer intelligence player, we unlock mission-critical insights,” said Ramon Melgarejo, President, Strategic Analytics & Insights at NIQ. “In a fast-moving, consumer market focused on trend-based innovation, high-quality data is essential, and the ability to harness and extract insights from it will make all the difference in the world. These releases are the latest examples of how we are deploying our analytic horsepower across market-leading data sets to generate unparalleled insights that help CPG companies gain market share globally.”
NIQ’s world-class product suite brings the power of 2,000 engineers focused on analyzing $7.2 trillion in annual global consumer spending and data from more than 3,200 unique retailer partnerships. With an extensive set of data sources spanning multiple countries and thousands of data scientists focused on developing responsible AI-driven business intelligence solutions, NIQ remains the market leader in creating, maintaining, and driving new market share for clients.
BASES AI and NIQ’s CPG language model are the latest AI-powered solutions among NIQ’s vast existing product set. The company recently announced the integration of Consumer Panel and Retail measurement data on the NIQ Discover Platform, transforming the consumer insights landscape through advanced analytical models and always-on capabilities that deliver customizable client insights in response to their mission-critical queries. This cloud-based platform is one of several recent product enhancements including Microsoft Azure Marketplace integration; Tik Tok Shop collaboration; and NIQ Spaceman services for SPAR International partners globally. All of these announcements come on the heels of the company’s generative AI tool with global search, personalized data analysis, and recommendations for informed decision making, NIQ Ask Arthur, launched earlier this year.
“The drive to innovate and excel has been coded into NIQ’s DNA for over a century,” added Mohit Kapoor, Chief Technology Officer at NIQ. “Our completed integration of GfK creates a company with roughly 25,000 clients, regularly analyzing 2.48 trillion transactions a week. NIQ’s unique ability to offer the Full View – the world’s most complete and clear view of consumer buying behavior with AI-powered predictive analytics – allows us to experiment with an even larger number of parameters, uniquely positioning us to capture the market opportunity for the next 100 years.”
NIQ also regularly provides unique, proprietary insights across global consumer trends, including its latest SpendZ report, a comprehensive look at the spending trends of Gen Z and regular Consumer Outlook reports analyzing trends, behavior, and sentiment.
About NIQ
NielsenIQ (NIQ) is the world’s leading consumer intelligence company, delivering the most complete understanding of consumer buying behavior and revealing new pathways to growth. NIQ combined with GfK in 2023, bringing together the two industry leaders with unparalleled global reach. Today NIQ has operations in more than 95 countries covering 97% of GDP. With a holistic retail read and the most comprehensive consumer insights—delivered with advanced analytics through state-of-the-art platforms—NIQ delivers the Full View.
Source: NIQ
