On National Coffee Day, AI-Based Consumer Shopping Trends Analyzer Looks at Grocery Store Coffee Buying Habits
According to analysis of hundreds of millions of receipts by Veryfi, using optical character recognition (OCR) combined with artificial intelligence (AI) technology to instantly transform documents into structured data, insights show that people shopping at supermarkets generally buy staples like water, milk, and cheese along with their coffee beans or grounds. The research also uncovered that Dunkin’ drinkers prefer sweet products – they have both cola and chocolate in their top 5, plus more sweets in their top 10 purchases
SAN MATEO, Calif.--(BUSINESS WIRE)--Sep 29, 2022--
According to analysis of hundreds of millions of receipts by Veryfi, using optical character recognition (OCR) combined with artificial intelligence (AI) technology to instantly transform documents into structured data, insights show that people shopping at supermarkets generally buy staples like water, milk, and cheese along with their coffee beans or grounds. The research also uncovered that Dunkin’ drinkers prefer sweet products – they have both cola and chocolate in their top 5, plus more sweets in their top 10 purchases.
On the cusp of International Coffee Day, Saturday, October 1, Verify identified consumer trends and relationships between different products when purchased together. The analysis tracked coffee bean and grounds purchases at 10 of the nation’s top supermarkets, including Walmart, Target, Safeway, and Krogers, and examined which products were purchased alongside five popular coffee brands.
“The data clearly shows that coffee is usually purchased along with other staples – water was first overall, then cheese, milk, and then colas. Generally Dunkin’ drinkers prefer sweet products, they have both cola and chocolate in their top 5 and more sweets in their top 10 purchases. I guess that's natural when your brand is associated with donuts,” said Ernest Semerda, co-founder and CEO, Veryfi. “Gas price analysis was our first published insight to see how we would track against industry reports, and we found our data was highly correlated to those reports, so we are comfortable with this data. After all, we’ve put in five years of training the AI on hundreds of millions of documents. ”
Unlike most consumer surveys which solicit feedback from a few thousand people, Veryfi Insights draws on data collected in the aggregate from hundreds of millions of receipts extracted by the Veryfi OCR API Platform. In this way, Veryfi Insights offers an unprecedented real-world view into shopping trends.
Some other data points:
By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-9 forms into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past five years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and over 110 defined fields such as vendor, total, bill to/ship to, purchase order and invoice numbers, any line item (product name, SKU, description), taxes, and more, which can then be accessed for a wide variety of business applications.
Veryfi Insights serve as examples of what is possible when companies dig into the goldmine of information that can be found in unstructured documents. Brands can gain deeper insight into consumer behavior by analyzing the receipt data collected in loyalty programs.
About Veryfi
Veryfi empowers organizations to capture, extract and transform unstructured documents including receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by enterprises and software companies alike, Veryfi’s AI-driven platform delivers fast, accurate, and secure data to hundreds of companies globally. Learn more at www.veryfi.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20220929005685/en/
CONTACT: Joseph Eckert for Veryfi
Eckert Communications
jeckert@eckertcomms.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: DATA MANAGEMENT RETAIL TECHNOLOGY SUPERMARKET SOFTWARE ARTIFICIAL INTELLIGENCE FOOD/BEVERAGE
SOURCE: Veryfi
Copyright Business Wire 2022.
PUB: 09/29/2022 12:00 PM/DISC: 09/29/2022 12:03 PM
http://www.businesswire.com/news/home/20220929005685/en
