Veryfi Insights report shows Velveeta, Skippy, and Spam still strong-selling brands a century later
SAN MATEO, Calif., November 17, 2022 – Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, analyzed the purchase receipts of Kraft Heinz and Hormel Foods goods to discern consumer shopping patterns which showed that Kraft Heinz is a “mad genius” when it comes to brand and business strategy, while Hormel Foods has a handful of strong brands.
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, Veryfi. “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 #1 peanut butter in the line item receipt data, it didn’t even crack the top 10 products, which showed 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 years ago showing these venerable brands remain popular through generations of buyers.
Unlike most consumer surveys that solicit feedback from a few thousand people, Veryfi draws its insights on data collected in the aggregate from hundreds of millions of receipts extracted by the Veryfi OCR API Platform. In this way, Veryfi’s technology offers an unprecedented real-world view into shopping trends. Veryfi customers in the Consumer Packaged Goods (CPG) industry can gain insights into consumer behavior through analysis of ‘cross basket’ purchases, that is, 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 previously unavailable for analysis.
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.
For more on Kraft Heinz vs Hormel Foods, go to https://www.veryfi.com/insights/kraft-vs-hormel.
Go here to learn more about turning receipts into valuable consumer insights: info.veryfi.com/value-of-receipt-infographic.
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.
# # #
Joseph Eckert for Veryfi