IRI Offers Analytics Services For Small Brands
International data and predictive analytics company IRI has announced that it plans to offer its services to smaller brands to help them become more successful for retailers.
Through the company’s ‘Liquid Modeling’ platform, IRI analytics will use store-level data to provide brands with critical business insights to keep up to speed with customers and competitors.
To make it more affordable to smaller brands, the service starts at a price of €10,000 and clients can get access to insights after three weeks. This puts them in a better position to stay ahead of their competition and drive growth, according to IRI.
The service is divided into two parts. Firstly, IRI offers clients a service called ‘Price & Promotion Superior’, which gives brands a chance to measure the return on investment of their pricing and promotional activities. This will show how shoppers react to price changes and how responsive they are to promotional activities.
It will, in turn, highlight who their competitors are and help them react to them, IRI says.
Coveted Shelf Space
“Manufacturers are facing an increasing range of challenges today, regardless of their size,"said Stephanie Augier, product manager of analytics for manufacturers at IRI. "Imagine being a smaller brand that is faced with the task of getting recognition among shoppers and, more importantly, space on retailers’ shelves."
To help small brands get on retailers’ shelves the company also offers its ‘Assortment Optimisation’ service.
This details the product attributes that drive sales and the most important attributes that shoppers focus on. It also delivers a preference index, showing shoppers’ preferred products and what they find most attractive in each product.
“With shoppers increasingly targeted through personalised channels and brands being forced to find new and innovative ways to influence and reach them, companies need to be able to adapt and move quickly to stay one step ahead of the competition,” Augier said.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Kevin Duggan. Click subscribe to sign up to ESM: The European Supermarket Magazine.