GfK launches AI-supported intelligence platform 'gfknewron' in UAE

Peter Feld, CEO of GfK. — Supplied photo
Peter Feld, CEO of GfK. — Supplied photo

Dubai - New platform offers guidance for strategic planning and predictions in one interactive source.



by

A Staff Reporter

Published: Mon 25 Oct 2021, 5:35 PM

Last updated: Mon 25 Oct 2021, 5:37 PM

GfK, a leading provider of consumer and market intelligence, analytics and consulting services, launched gfknewron, its integrated, AI-powered software platform in the Middle East.

gfknewron is an important step in GfK's transformation from classical market researcher towards an AI-powered data analytics and consulting company.

Companies can now access market, consumer and brand data from a single source of truth to answer questions like: What was bought where and at what price? Who bought it and why? What should I do next to grow my business? The AI-supported predictions and practical guidance will support sustainable business growth.

The powerful combination of data, AI powered analytics and clear recommendations displayed in the modules ‘gfknewron Market’, ‘gfknewron Consumer’ and ‘gfknewron Predict’ gives companies a significant advantage in today’s fiercely competitive markets.

Sharing insights on TCG industry in UAE, Nacho San Martin, Managing Director – GfK Middle East said, “The pandemic has triggered some structural shift in product and channel preferences across UAE. Insights from gfknewron reveals there is a growing prominence of online sales channel reflecting the rising consumer trust and digitalisation of purchase journeys. Online sales contribution grew to 24 per cent during H1 2021 vs 22 per cent in H1 2020."

As the upward trend continued, value of online sales grew by 50 per cent in H1 2021 vs H1 2020. The industry has also witnessed an upward trend of premiumisation across product categories led by @home norm i.e. work@home, learn@home, entertain@home, eat@home, etc.

The surge in average selling price of consumer and tech products priced above >1000 USD has registered 27 per cent value growth of the total sales during H1 2021 vs 25 per cent growth in H1 2020. With life coming back to normal and offline retail seeing increasing footfalls, omni-channel experience will be key for success in the market.

With the AI-powered software platform gfknewron, decision-makers can see an overview of their business performance using data from a single source: from the validation of new target markets over product alignment according to customers’ needs to evaluate future market potential. Multiple teams can directly access the data at any time and address cross-departmental problems using the same dataset. Scenario simulations help to identify challenges at an early stage and to plan strategically. AI-supported forecasts help with making fast, informed decisions to stay ahead of market competition.

Peter Feld, CEO of GfK, said: "At GfK, we know that to win in today’s intensely pressurized and fast-moving business environment, our clients need more than pure data. They need us to provide strategic guidance and market predictions rooted in that data. The business intelligence platform gfknewron has been designed to provide all that information on one intuitive platform that harnesses the power of artificial intelligence. We will empower our clients to adopt a much more data- and analytics-centred way of working. This is also an important milestone in the transformation of GfK from market researcher to an AI-powered data analytics and consulting company, enabled by a complete Software as a Service infrastructure.”

gfknewron Predict supports companies with AI-based forecasts and concrete recommendations for action in their data-driven decision-making process. With this module, companies are able to simulate market scenarios and forecast their impact on their business, to plan more efficiently, to optimise pricing and promotion strategies, and to increase conversion rates and revenue.

“We spend a lot of time listening to our clients, and through combining the best talents of data with the best talents of agile software development, we are thrilled to be launching our powerful gfknewron platform. This empowers our clients and their entire teams (in the office or work from home), to make faster, more confident decisions to win in their markets,” said Sean O'Neill, Chief Product Officer at GfK.

— business@khaleejtimes.com


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