TasteGPT brings lightning-fast conversational and contextual insights to infinite product ideas, and helps brands decide what is right for them
NEW YORK, NY, March 8, 2023 — Tastewise, the AI-powered market intelligence platform designed for the food and beverage industry, is launching TasteGPT: its next evolution of generative AI solutions. While Tastewise already incorporates generative AI to help users at companies like Nestlé, Campbell’s, Mars, Givaudan, PepsiCo, and more discover dish concepts, validate new product ideas, and generate market research reports, the company is expanding its capabilities. Leveraging its 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 — TasteGPT will provide speed, productivity, and increased new product success.
In a nation where social media trends can immediately cause nationwide retail shortages of ingredients from feta to fresh corn, and one of every eight menu items is new in the last month, consumption is changing faster than ever. Food and beverage companies responsible for what the world eats and drinks are in a race to keep up, and traditional consumer research methods provide outdated insights. Traditional market research methods (i.e. 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? Products that don’t resonate with consumer needs, high product failure rates, and monumental waste. However, add in generative AI tools and an industry that was once slow-growing is now exponential, with a flood of new product innovation, marketing campaigns, recipes, and more.
With TasteGPT, product innovators and analysts can run 20 different projects at once instead of just one, empowering teams to evaluate innovation and decide faster on the right direction for their brand. TasteGPT can 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?
“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 Alon Chen, Tastewise Co-Founder and CEO. “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.”
“Now, with the fast adoption of generative AI tools, people have access to a world of data-based answers at their fingertips,” said Eyal Gaon, Tastewise Co-Founder and CTO. “But, artificial intelligence without great data is just artificial. Generative AI is a means to an end. The data that these existing models are based on is generic; extracting relevant, valuable insights requires data specific to your needs. TasteGPT does exactly that for the food and beverage industry.”
By using Tastewise, brands have access to up-to-date, audience-focused, and timely insights backed by strong food and beverage algorithms and higher, more specific data quantities. Without Tastewise data, food and beverage insights provided by AI are incomplete, often outdated, and lacking the specificity needed to be effective. “Artificial intelligence is the only way to mitigate a lack of credible data by enabling organizations to make sense of vast amounts of data,” said Gaon. “With relevant AI tools, data turns into meaningful insights that drive better decision-making and innovation in real-time.”
As consumer trends and preferences are ever-changing, real-time access to the most specific data available across all moments of consumption (including restaurants, home cooking, retail, and more) is critical. Four years ago, Tastewise was the first to bring AI to the food and beverage industry, helping companies innovate 10x faster. Today, Tastewise’s generative AI solutions enable users to:
- Identify patterns and extract real-time, accurate insights to make data-driven decisions faster than ever before
- Get real-time product, dish, menu, and marketing campaign recommendations using an AI-powered conversational chatbot
- Generate ready-to-share reports and decks including trends, ingredient pairings, and more to increase your speed to market
By leveraging TasteGPT and the broader Tastewise market intelligence platform, companies will be able to reduce the time and effort spent on research, consensus, development, and go-to-market strategies. Ultimately, resulting in rapid, precise decision-making, fewer uncertainties, faster idea execution, and increased accuracy and speed to market.
Tastewise is an AI-driven data platform that provides the actionable insights needed for resilient decision-making and change management in the food and beverage industry. The platform uses AI to analyze billions of food-related data from its customers, social media, recipes, menus, and more to provide accurate, up-to-date insights in real-time. In doing so, Tastewise digitizes archaic workflows and speeds up innovation — ultimately improving alignment between what consumers actually want and need and the products available. Tastewise works with leading food brands, retailers, and their providers — like Nestlé, Mars, PepsiCo, Campbell’s, Doordash, Kroger, Givaudan, and more — to meet and guide tomorrow’s consumption behavior. For more information, please visit tastewise.io.