IRI and Label Insight Join Forces to Provide Enhanced Ingredient-Level Insights and Analysis
CHICAGO--(BUSINESS WIRE)--May 28, 2019--
IRI ®, a global leader in innovative solutions and services for consumer, retail and media companies, and Label Insight, an industry leader in powering product attribute-driven growth across the consumer-packaged goods (CPG) ecosystem, today announced they are joining forces to provide CPG manufacturers and retailers more detailed insight into product performance based on nutrition and ingredient label data. Through this new relationship, IRI adds hundreds of new attributes to its industry-leading IRI Liquid Data ® technology platform, allowing clients to identify consumer trends and find previously hidden opportunities for growth. The new attributes allow IRI to track and measure product sales performance and shopper behavior across ingredient and product labeling attributes, such as “gluten-free” and “clean label.”
“Shoppers today are very conscious of the ingredients they consume and have been shown to respond to products made from minimally processed, recognizable ingredients,” said Robert I. Tomei, president of market and shopper intelligence for IRI. “IRI’s partnership with an expert in ingredient-level attributes enhances our agile Liquid Data platform by informing stronger and more specific insights and enabling brands and merchants to capitalize on emerging opportunities in real time.”
Label Insight generates CPG product attributes with unmatched granularity to help manufacturers and retailers to better market products based on health benefits and ingredients, which, in turn, helps consumers understand the products they buy. This partnership links IRI’s point-of-sale data and unparalleled purchase-based data set, gleaned from an industry-leading 500 million shopper loyalty cards, with Label Insight’s leading product label and ingredient attributes. As a result, IRI’s solutions enable manufacturers and retailers to better understand the relationship between ingredients and sales performance and hone their spend on production and marketing to adapt appropriately to developing health and wellness trends.
“We are thrilled to partner with IRI,” said Ronak Sheth, chief executive officer of Label Insight. “This partnership advances our mission to not only help consumers understand what they are putting into their bodies, but also assist CPG companies and retailers drive growth and value by better meeting consumers’ demands for nutrition label transparency.”
IRI is a leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, financial services and media companies grow their businesses. A confluence of major external events — a change in consumer buying habits, big data coming into its own, advanced analytics and personalized consumer activation — is leading to a seismic shift in drivers of success in all industries. With the largest repository of purchase, media, social, causal and loyalty data, all integrated on an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.
About Label Insight
Label Insight is the industry leader in powering product attribute-driven growth across the consumer-packaged goods ecosystem. Its best-in-class data empowers companies to unlock new opportunities across their business, while delivering purchase-driving transparency. By combining package data on more than 80 percent of top-selling food, pet and personal care items with patented data science and machine learning, Label Insight created more than 22,000 high-order attributes per product. This delivers consumer-demanded transparency, and powers digital innovation through analytics, marketing, merchandising and e-commerce for retail, brand manufacturer, government and technology companies. For more information, visit labelinsight.com.
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CONTACT: IRI Contact:
Phone: +1 312.474.3675Label Insight Contact:
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT RETAIL COMMUNICATIONS MARKETING FOOD/BEVERAGE OTHER RETAIL
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PUB: 05/28/2019 09:05 AM/DISC: 05/28/2019 09:05 AM