The article discusses how artificial intelligence is revolutionizing the century-old market research industry, valued at $87.7 billion globally. Ai Palette, a Singapore-based startup founded in 2018, is at the forefront of this disruption, providing AI-powered market research with real-time predictive analytics. Using over 61 billion data points from 24 countries, the platform identifies consumer trends and generates product concepts, helping brands like Nestlé, Pepsico, and Kellogg stay ahead of rapidly changing consumer preferences.
AI Palette’s technology analyzes 39 factors to predict trends, aiding major brands in creating localized products, such as Pringles’ snacks in Thailand and Indonesia and Kellogg’s pandemic-inspired breakfast cereals in Asia. Despite advancements, traditional methods like taste testing remain essential.
The company has garnered significant support from investors and the Singapore government, raising $5.7 million in 2023 to expand its AI tools, including a new “FoodGPT” chatbot. AI Palette exemplifies how AI is transforming traditional industries by offering innovative solutions to long-standing challenges.