On National Coffee Day, AI-Based Consumer Shopping Trends Analyzer Looks at Grocery Store Coffee Buying Habits

On the cusp of International Coffee Day , Saturday, October 1, Verify identified consumer trends and relationships between different products when purchased together.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Thursday, September 29, 2022
Information
Tags: 
Data Management, Retail, Technology, Supermarket, Software, Artificial Intelligence, Food, Beverage, Folgers, Chocolate, Target, Walmart, Kroger, Milk, Coca-Cola, Maxwell House, SKU, OCR, Cola, Starbucks, Coffee, Organization, Intelligence, CEO, Technology, Safeway, Red Bull, Ice cream, International Coffee Day, Maxwell House International, Artificial intelligence, Paper, Pepsi, Consumer, Research, Water, Cheese, Supermarket, AI, Tax, Bookkeeping
Geotags: 
UNITED STATES, NORTH AMERICA, CALIFORNIA
⚠ generated by AI ↴
Organisation: 
VERYFI
Summary
Key Points: 
  • On the cusp of International Coffee Day , Saturday, October 1, Verify identified consumer trends and relationships between different products when purchased together.
  • 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.
  • Ice cream was the #2 product for Starbucks customers, but didnt crack the top 10 for the other coffee brands.


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:

  • Folgers and Maxwell House are most closely aligned to common staples.
  • Dunkin’ and Peet’s both have paper products in their top 5 – toilet paper, cups and plates.
  • Starbucks coffee buyers’ #1 item purchased with their coffee was cheese (by a wide margin), which didn’t even make the top 5 list for Dunkin’ purchasers and ranked #3 for Folgers, Maxwell House, and Peet’s.
  • Coca-Cola outranked Pepsi with every coffee brand except Maxwell House
  • Red Bull outranked Coca-Cola and Pepsi for Starbucks and Peet’s purchases, but was ranked well below those two colas for the other coffee brands.
  • Ice cream was the #2 product for Starbucks customers, but didn’t crack the top 10 for the other coffee brands.

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.

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