Covid-19 has made people realise the importance of hygiene and a healthy lifestyle. With increasing stress on hygiene, the sale of packaged goods has undergone a steep rise. Proper packaging ensures that the goods remain untouched and safe from the virus. The Fourth Industrial Revolution is on the verge, with AI at its core. Let us see how AI can help the CPG industry.
End-to-end solutions
Providing end-to-end solutions is the speciality of AI. Human observation is time-consuming and error-prone. A group of people cannot be entrusted to look after the wants and needs of a large customer base.
AI can help in understanding the browsing and surfing data of customers. Such observations help in Demand Forecasting and the entire Supply Chain process. A high-quality first-party consumer data can reveal significant insights. The popularity of various products among the users can be very well gauged. Suitable plans can be formulated to provide solutions that are flawless.
Advertisement planning
Every company relies on advertisements to increase its reach. Advertisement could be in any form and on any media. You may publish your advertisement in various mediums viz. newspapers, magazines or on banners.
Digital advertisements via blogs, websites, videos, etc. are also common. With multiple options available, evaluating the benefits of each medium becomes important. Thus, if your users are more active on social media, you should focus more on Social Media Marketing. Thus, the need for diving into the analytics obtained from different marketing campaigns. AI does all this stuff for you so that you can focus only on what is worth your while.
Touch of Personalization
Time, as always, is fleeting. But people have become busier like never before. Work from Home has instilled a desire to spend more time with family. The work hours have entangled, and the routine 9 to 5 lifestyle has modulated.
It is time to serve the customers in a brand-new way, isn’t it? AI can help with targeted advertisements for each unique customer. The potential products that a customer may want, presently or in future, are displayed to him. AI models have the power of drawing customer attention to the exact things he is looking for. Such Personalized Recommendations create a strong brand value and make customers feel special.
The perfect pricing strategy
The price of your product can make or break the deal. It is not just you; your competitors also are a part of the market. They too have their own market share.
To protect your market share you must adopt the perfect pricing strategy. One that considers the pricing of your competitors still helps you maximize profits. AI can sift through different websites – to deliver crisp news about your competitors. It can also help you with accounting aspects like budgetary and monetary analysis, P&L etc.
Checking the quality of packaging
Machines manufacture loads of finished goods. An AI system can monitor the quality of packaging. They can check for manufacturing or packaging defects.
- Any wear and tear, air pockets, voids can be identified through the system. Each packet can be individually examined. The defects can be quantified with all the required details viz. position of the defect, its dimensions, its severity, or consequences and so on. Timely correction can help in retaining customers for a long time and in winning their trust.
Data, Governance and AI
Data has become the most easily attainable commodity. Big Data is booming. Every website is equipped with cookies, cache and what not! There are petabytes of data available at your fingertips.
- AI helps in scouring that data to turn it into information. It is the key to help you decipher a better understanding from the voluminous data. With things getting so sorted, the onus is on the Management to up the gauntlet. In the organization, it is not just the IT department that should be involved with AI. All the departments should be integrated with AI. Data governance should be led with the scientific pursuit gifted by AI.
The list of benefits that AI can bring to the CPG industry is endless. To enable your business outshine others, choose Babel for your Digitalization journey!