Summary
FlavorWiki's patent pending technology quantifies individual taste perception and preference in real-time and at a fraction of the cost of existing methods. Data is collected using consumers who provide feedback on products and recipes. Food retailers and producers use this data to personalize offers, improve product innovation and deliver a more engaging food experience to consumers.
Approximately $700 Billion is spent globally each year on researching, producing and marketing food products. Yet nearly 80% of product launches fail to meet their first year sales targets. And while taste is the number one driver of purchase, performing research on the sensory (taste) characteristics of food products is expensive and slow. Because of this, typically only large multi-nationals undertake such research. Those that do are limited in the insights they can gather and are unable to leverage sensory applications in many areas of their business such as quality control, trend analysis and consumer taste satisfaction at the point of consumption.
Unlike traditional qualitative recipe data ours is quantified and therefore allows us to make specific recommendations for small changes in ingredients. Our data set includes thousands of individual consumer feedbacks over a wide range of product categories. By combining data across many categories we are able to produce more detailed understanding of consumer taste preference based on age, ethnicity and preferred products. This means we can offer much more accurate suggestions that result in greater consumer satisfaction.
Our algorithm and process is patent pending and the data that we have accumulated thus far allows us to a unique advantage ahead of any potential entrant. Further, because we work with CPG brands, raw ingredient suppliers and in home consumers (recipes) our data is much more robust than any other entrant who might choose to enter this market.
Approximately $700 Billion is spent globally each year on researching, producing and marketing food products. Yet nearly 80% of product launches fail to meet their first year sales targets. And while taste is the number one driver of purchase, performing research on the sensory (taste) characteristics of food products is expensive and slow. Because of this, typically only large multi-nationals undertake such research. Those that do are limited in the insights they can gather and are unable to leverage sensory applications in many areas of their business such as quality control, trend analysis and consumer taste satisfaction at the point of consumption.
Unlike traditional qualitative recipe data ours is quantified and therefore allows us to make specific recommendations for small changes in ingredients. Our data set includes thousands of individual consumer feedbacks over a wide range of product categories. By combining data across many categories we are able to produce more detailed understanding of consumer taste preference based on age, ethnicity and preferred products. This means we can offer much more accurate suggestions that result in greater consumer satisfaction.
Our algorithm and process is patent pending and the data that we have accumulated thus far allows us to a unique advantage ahead of any potential entrant. Further, because we work with CPG brands, raw ingredient suppliers and in home consumers (recipes) our data is much more robust than any other entrant who might choose to enter this market.
