GfK, a leading provider of consumer and market intelligence, analytics and consulting services, launches gfknewron, its integrated, AI-powered software platform in South Africa. gfknewron is an important step in GfK's transformation from classical market researcher towards an AI-powered data analytics and consulting company. Using gfknewron, 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.
Sander Verboom, vice president – META at GfK said, “The pandemic has triggered structural shifts in product and channel preferences with South African consumers increasingly opting for premium products. Insights from gfknewron reveal a resilient market for technical consumer goods as the @home norm (work@home, learn@home, entertain@home, eat@home) continues to drive growth, underpinned by comfort and luxury. We have also witnessed growing prominence for the online sales channel, which registered volume growth of 39% and value growth of 41% across South Africa in H1 2021. This growth can be attributed to improving consumer trust as well as digitalisation of their purchase journeys.”
“There is an increasing consumer preference for brands that innovate, focus on sustainability, and have a purpose. Therefore, it is crucial for brand and marketing leaders to understand the relationship between promotional activity and long-term value building. gfknewron helps find the right balance by selecting only those products/ models that will provide value growth,” Verboom further added.
Sander Verboom
gfknewron in a nutshell
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.
Speaking on the occasion, Peter Feld, CEO of GfK, said: "At GfK, we know that to win in today’s intensely pressurised 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.”
The three modules of gfknewron include:
1. gfknewron Market: What was bought where and at which price?
gfknewron Market, powered by GfK Retail Panel data, allows clients to use real transaction data to measure the performance of their product portfolio against market benchmarks, develop successful go-to-market strategies, to identify market changes and growth potentials and react accordingly.
2. gfknewron Consumer: Who bought where and why?
gfknewron Consumer is the evolution of GfK's Consumer Insight Engine (CIE). It helps to analyse target groups in detail by answering questions such as: Who buys which products via what channels? Which other brands are attractive for my target group? This allows brands to identify opportunities and risks at an early stage and to adapt strategies to changing consumer behavior.
3. gfknewron Predict: What should I do next to grow my business?
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”, comments Sean O'Neill, Chief Product Officer at GfK.
O’Neill further added, “We have enthusiastic confirmations from many leading companies in the Tech & Durables sector about how gfknewron is changing their ability to understand their markets, see how consumer sentiments are changing, and use the predictive insights and AI-power forecasts to take decisive action on the opportunities for their brands. GfK is the only provider in the market to offer manufacturers of technical consumer goods an integrated platform with these consolidated capabilities. In addition, this cloud-based software platform is continuously evolving and improving with feature releases weekly. Further modules as well as the inclusion of additional market data are already being planned. This is enterprise-grade insights with consumer-grade usability.”
More information on www.gfk.com/products/gfknewron
For any press queries, contact: Marlé Prinsloo, +27-824150278 az.oc.smmocpm@elram
GfK. Growth from Knowledge.
For over 85 years, we have earned the trust of our clients around the world by solving critical business questions in their decision-making process around consumers, markets, brands and media. Our reliable data and insights, together with advanced AI capabilities, have revolutionized access to real-time actionable recommendations that drive marketing, sales and organisational effectiveness of our clients and partners. That’s how we promise and deliver “Growth from Knowledge”.
