Generative AI is transforming myriad aspects of life, letting us create original images, videos, music, text and software just by describing the desired outcome.
Now this amazing and flexible artificial intelligence tool is being applied to the food and beverage industry.
Tastewise, an Israel-based, AI-powered market intelligence platform, launched TasteGPT to shorten months of research and answer business-critical questions, such as:
- What product ideas are the best fit for my Gen Z consumers?
- What concepts should I invest my R&D budget in?
- Where should I launch my new beverage product first?
- Where is my competition under-represented, and what can I do about it?
- What should the focus of my next marketing campaign be?
Tastewise already helps companies including Nestlé, Campbell’s, Mars, Givaudan and PepsiCo use generative AI to discover dish concepts, validate new product ideas, and generate market research reports.
TasteGPT leverages proprietary AI and the largest dataset available on food consumption — best-selling restaurant items, an unprecedented observed home cooking panel, and billions of real-life moments of consumption.
“The way consumers choose what to eat and drink is already influenced by AI in countless ways. Consumers are also more informed than ever, and they expect us to meet their needs accurately, specifically and on demand,” said Tastewise cofounder and CEO Alon Chen.
“TasteGPT can now help companies get closer to their consumers by capturing the pulse of culinary, nutritional and dietary needs, and to stay competitive in a rapidly changing market,” he said, noting that in the United States social media trends can immediately cause retail shortages of ingredients from feta to fresh corn, and one of every eight menu items is new in the last month.
Traditional market research methods (surveys, focus groups, syndicated industry reports) for product innovation, renovation and marketing typically report data approximately 13 months late and miss significant behavioral shifts, making them unreliable in the current fast-moving consumer world. The result is products that don’t resonate with consumer needs, high product failure rates, and monumental waste.
Chen said that TasteGPT will help companies reduce the time and effort spent on research, consensus, development and go-to-market strategies, resulting in rapid decision-making, fewer uncertainties, faster idea execution, and increased accuracy and speed to market.