Food and beverage companies are moving past using technology for operations and logistic efficiencies and on to how to meet consumer desires.
Here’s what’s being done: Using voice assistants powered by natural language processing and machine learning, companies can tap consumer shopping data and history to provide hyper-personalized and automated customer service experiences.
CPG players can use AI (artificial intelligence) to maintain strong empathy with their audience. And by closely monitoring conversations on social media, companies can use AI to analyze consumer data and identify sentiments or behavior that are crucial not only in building positive experiences but also in the development and design of new product lines.
CPG companies have experienced dismal growth in recent years. From 2013 to 2016, the industry grew less than 1.8% each year, on average.
Marlene Jia, CEO of Metamaven, wrote in a column on TopBots that food and beverage companies must invest in new innovations to cut costs, grow revenue, and stay current with consumer trends.
Those who do may live to thrive another day, those who don’t may find themselves replaced by tech-forward giants like Amazon.