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AI powered insights to empower businesses, says GfK

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.

The UAE has been a global hub for businesses and consumer intelligence will play a strong role as marketing trends undergo change rapidly, said Peter Feld, CEO of GfK, who was recently on a visit to Dubai.

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. Companies can now access market, consumer and brand data from a single source 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.

Feld said: “Consumers are not loyal anymore. Unlike earlier, consumers now have several options to choose from, and this puts an incredible challenge on the brand. At GfK, in the Consumer, Technology and Durables area, we have data from over 125,000 retailers globally. They are offline, online, click and mortar, marketplaces, and all the available sales channels. We have always dealt with it differently. We have never combined these datasets.”

GfK has been in business for over the past 87 years and its mission is to give consumers a voice. “We extract the right signals from the noise for our clients. In the past, we had maps, now we have GPS which gives us insights into directions, weather updates, etc. Similarly, we provide accurate intelligence to our clients in the right direction to help them make right decisions faster using data and analytics,” said Feld.

Ethical data storage

The organisations need to treat the data safely, ethically, accurately, and under obligation, says Feld. “I think this gives us a strong reason to exist as we have dealt with data safely for over the past 87 years and we have undergone quite a significant transformation. The first thing we did was to get ready for GDPR in Europe, which is also being adopted by the USA and China.”

He added: “While we were undergoing this transformation, we had a full task force on the way to get ready with GDPR and we didn’t do it because of numbers, we did it because of trust that gives us a reason to exist. We will always course-correct the new products, and so will our clients. But I do think that as they are building their relationship with the consumer, they will only survive if they do it in an ethical and sustainable manner.”

GfK is significantly investing in the META region and is strategically investing in people and capabilities. “Our major focus is to support our clients grow in H1 next year. This is our mission, and this is why we exist with data and intelligence. I think the environment is right for it because consumer confidence is very high. We see that the recovery post-pandemic is significant, and it is happening in a more sustained way than anywhere in the world. If we compare 2020 with 2019, the recovery is significant,” said Sander Verboom, vice president - Middle East, Turkey, Africa at GfK.

“Our mission is to accelerate the growth of our clients in H1, especially since we have an advantage in the UAE with vaccination rates and we will benefit from the Expo 2020, which is expected to host 12 million visitors in H1 and 25 million in total.”

GfK is offering an AI-supported intelligence tool to analyse market trends for Consumer and Tech products. “Based on forecasting, inside gfknewron intelligence platform tool, we can show which market trends are likely to continue, which segment is growing faster, what is the growth trajectory, channel dynamics, what product features are driving growth, which brands are successful and therefore, what can we learn from those brands,” said Verboom.

GfK has seven offices across META, in the UAE, KSA, Egypt, Morocco, Turkey, Israel, and South Africa, and is active in about 20 markets across the Mena region. — sandhya@khaleejtimes.com