The food and beverage industry is constantly evolving, and businesses need to stay up-to-date with market trends and consumer behavior to remain competitive. With the rise of big data, alternative data has emerged as a valuable tool for businesses in this industry. Alternative data is non-traditional data that can provide insights into market trends and consumer behavior that traditional data sources may not capture.
What is Alternative Data?
Alternative data refers to non-traditional data sources that are used to provide insights into market trends and consumer behavior. This type of data includes social media posts, online reviews, credit card transactions, satellite imagery, and more. Alternative data is often unstructured and requires advanced analytics to extract meaningful insights. However, when used properly, alternative data can provide valuable insights that traditional data sources may not capture.
Importance of Alternative Data for Food and Beverage Industry
Alternative data can provide businesses in the food and beverage industry with valuable insights into market trends and consumer behavior. This type of data can help businesses identify emerging trends, understand consumer preferences, and forecast demand. By leveraging alternative data, businesses can make more informed decisions about product development, marketing strategies, and pricing.
By understanding these trends, businesses can adjust their product offerings to meet consumer demand. Alternative data can also be used to understand consumer preferences and behaviours, such as the types of foods consumers are most likely to purchase and the frequency of their purchases.
Alternative Data Providers for Food and Beverage Industry
There are several providers of alternative data that specialise in the food and beverage industry. Two of the most notable providers are YipitData and M Science.
YipitData
YipitData specializes in providing investors with insights into fundamental performance and when a company under or overperforms from consensus. The company provides data on more than 100 publicly traded restaurant and food delivery companies, including data on same-store sales, customer traffic, and pricing. YipitData’s proprietary data collection methods and advanced analytics provide investors with unique insights into the performance of these companies.
M Science
M Science is a data-driven research and analytics firm that provides insights into consumer behavior across various industries, including the food and beverage industry. The company uses alternative data sources, including credit card transactions, to provide insights into consumer spending patterns and trends. M Science’s data has been verified for accuracy by third-party auditors, providing investors with confidence in the reliability of the data.
Conclusion
Alternative data is a valuable tool for businesses in the food and beverage industry. By leveraging alternative data, businesses can make more informed decisions about product development, marketing strategies, and pricing, ultimately leading to increased competitiveness and profitability.