Streetbees launches Cost of Living Monitor to help CPG brands track in-the-moment consumer behaviours in order to combat inflation
London - July 2022 - Streetbees, the AI-powered consumer intelligence platform, has launched its Cost of Living Monitor in China, Brazil, India, the UK and the US. The cloud-based SaaS solution helps CPG brands like Unilever and Mars protect market share while consumers are cutting costs, by tracking trade-offs, channel shifts and brand loyalty. This is monitored at both a macro-level and a category-specific level, empowering brands to unlock a winning strategy as the global cost of living crisis unfolds.
The innovation is launched at a critical moment to protect CPG brands during inflation. In fact, Streetbees’ Cost of Living Monitor reveals that 30% of consumers in China, Brazil, India, the UK and the US have changed their shopping habits for groceries and other essential items in the last 3 months:
- 51% are more actively looking for promotions
- 46% are switching to cheaper / private label brands
- 29% are cutting out products completely
When it comes to trade-offs, consumers are more likely to switch brands (29%), before switching products (21%) or stores (15%). More insight can be found in Streetbees Cost of Living Monitor Report.
Whilst behaviours such as these could have devastating implications for CPG brands, Streetbees’ Cost of Living Monitor will help both mitigate loss of market share, and provide major growth opportunities if used to build out channel, product and promotional strategies.
The Monitor enables brands to penetrate every everyday spending habits in the precise moment of consumption to understand how, where and why consumers are making trade-offs. By collecting coping mechanisms with responses in consumers’ own words and native languages, brands can get beneath the surface to uncover how consumers are really coping in their everyday lives. The Cost of Living Monitor is highly customisable with a dynamic segmentation across all areas of society, helping brands understand how to target consumers and where to spend budget with trends by income, employment status, geo-location and more.
By utilising Streetbees’ Cost of Living Monitor, brands are better equipped to stay afloat during inflation and can:
- Uncover mechanisms to boost brand loyalty and protect market share
- Build the right channel strategies by understanding everyday trade-offs
- Design winning campaigns by building consumer empathy to address what matters
“We are excited to introduce this AI powered intelligence to the market,” says Tugce Bulut, CEO and Founder of Streetbees. “This groundbreaking solution helps CPG brands across the globe remain close and relevant to their consumers so they can build a winning brand strategy to combat inflation. We’re thrilled to be launching the Cost of Living Monitor across China, Brazil, the UK, US and India to help our clients navigate this crisis as it unfolds”.
Streetbees’ AI-powered consumer intelligence platform collects daily pictures, videos and open text responses from 4.5 million consumers about their product experiences. This is all done via their smartphones, at the exact moment of consumption. Over 2.5 billion data points are then crunched by AI into emerging consumer trends, demand spaces and analytics, and are presented in one easy-to-use, interactive dashboard. Since 2015, Streetbees has raised over $50 million in investment and has grown from 0 to 200 employees. The company was voted one of LinkedIn’s Top 15 UK Startups in 2020 and 2021, and was awarded ‘AI Product of the year’ by Computing Magazine in 2021.