Market research informs the actors in a sector of the significant growth and sales of products, and helps improve the quality, type or distribution of products handled by a company.
The AI models enable the performance of the market to be estimated in low sample areas, based not only on the specific type of product and sales channel but also the economic and sociodemographic circumstances characterizing the environments with less information.
To estimate the units sold of different product types at the point-of-sale level (physical or online) by all the actors in a sector based on a limited sample of actual sales.
The solution must cover the unique characteristics of each point of sale and product, with its distribution restrictions and total estimated turnover. It must also provide results quickly and be able to be updated upon the arrival of new information or insider information at any level.
Foqum’s tool calculates all the product combinations sold at more than 5,000 individual points of sale in less than 3 hours, based on months of historical information and more than 50 characteristics of the points of sale.
The high accuracy of the model has enabled the detection of sample bottlenecks, improving the company’s strategy on acquiring information to provide the best possible market research to its customers.