Veryfi, using artificial intelligence technology to transform documents into structured data, analyzed the purchase receipts of Kraft Heinz and Hormel Foods goods to discern consumer shopping patterns.
This latest installment of Veryfi Insights analyzes supermarket shopper receipt data to examine the frequency of line items in all receipts containing at least one item in a long list of Kraft Heinz and Hormel products.
“With Thanksgiving fast approaching, we were curious to compare these two titans of the packaged food industry,” said Ernest Semerda, co-founder and CEO.
“What we found is that Kraft outsold Hormel overall by a wide margin, apparently unlocking some elusive secret of food and beverage brand strategy and product portfolio management. Kraft Heinz is really showing its mad genius in selling off Planters, as well as its natural and powdered cheese businesses to focus on its strongest brands, which from our analysis of receipts data is working quite well.”
Among the findings: while Skippy from Hormel Foods was the No. 1 peanut butter in the line item receipt data, it didn’t make the top 10 products, showing Lunchables, A.1. Sauce, Velveeta and Cool Whip from Kraft Heinz, were more popular. Within the Hormel portfolio, Spam outranked both Applegate and Columbus, by nearly two times as much.
Velveeta was introduced 104 years ago, Skippy 90 and Spam 85, showing these brands remain popular through generations of buyers.
Veryfi draws its insights on data collected in the aggregate from hundreds of millions of receipts extracted by the Veryfi OCR API Platform. Its customers in the CPG industry can gain insights into consumer behavior through analysis of cross basket purchases by examining all line items on a purchase receipt.
Veryfi provides the only mobile receipt capture technology that includes AI computer vision for receipt detection and image enhancement, as well as a long receipt capture mode. It helps transform unstructured documents into structured data, tapping into data that was unavailable for analysis.
By eliminating manual data entry, Veryfi enables organizations to capture, extract and transform documents, such as receipts, invoices, purchase orders, checks, credit cards and W-9 forms into structured data.
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 more than 110 defined fields, such as vendor, total, bill to/ship to, purchase order and invoice numbers, any line item, taxes and more, which can then be accessed for a wide variety of business applications.
For more on Kraft Heinz versus Hormel Foods, visit veryfi.com/insights/kraft-vs-hormel.