A GLOBAL LEADER IN RETAIL WANTED a faster, cost-efficient way to gain insights into consumer behavior, predict market trends, and evaluate the potential impact of different strategies. Correct predictions lead to increased market share, improved customer satisfaction, and enhanced profitability. By itself, customer experiences have a crucial effect on spending habits. A 2024 Qualtrics report found that “more than half (53%) of bad experiences with a brand result in customers cutting their spend.” Whereas a good experience “can increase the likelihood to buy again by 68%.”
Traditional methods are slow and expensive
Traditional research methods demand extensive resources, time, and large-scale data collection efforts, leading to higher costs. Typically done by third parties, methods can be ambiguous, risk confidentiality and provide outcomes with varying degrees of accuracy. Additionally, if the data collected isn’t a strong match to a product team’s questions, another round of data collection is required.
Factored integrated with the team
Factored joined the retail leader backed by our Centers of Excellence in Data Engineering, Data Analytics, Machine Learning and Software Engineering.
To build synthetic agents
Factored developed generative AI personas to expedite market insights. The system simulated reactions to potential products, offering focus group insights without the logistical challenges.
Achieving an interactive LLM for simulated market research
