How do CPG companies use data?
Predictive analytics: CPG businesses can take full advantage of predictive analytics to map customers’ shopping experience and tweak their marketing strategies accordingly. Such data enables businesses to experiment with various strategies and to ascertain the market beforehand and influence customer purchases.
Is IRI and Nielsen the same?
Though it’s a much younger company, IRI has managed to secure enough data reach to remain competitive with Nielsen. While IRI maintains only a fraction of the employee headcount that Nielsen does, it’s managed to cultivate strategic appeal for many CPG manufacturers thanks to a few unique selling points.
How does IRI get their data?
Infoscan – Each week several thousand grocery, drug, and department stores deliver the product data collected by their scanners. IRI sorts, analyzes, and verifies product price and volume, and then delivers final Infoscan sales information to its customers via tape, disk, or on-line service.
Is Costco included in IRI data?
Costco data is available from IRI as an entirely separate service called CRX.
Why is data important for CPG?
Data and analytics become even more of a differentiator during uncertain or adverse economic conditions, such as the current COVID-19 period. CPGs with a competitive advantage in using data to detect demand, derive consumer insights, and activate marketing based on those insights stand to capture outsized share.
What does CPG stand for?
Consumer packaged goods (CPGs) is an industry term for merchandise that customers use up and replace on a frequent basis. Examples of consumer packaged goods include food, beverages, cosmetics, and cleaning products.
What is the difference between spins and IRI?
IRI and Nielsen cover Food, Drug, Mass, Club, Military, Convenience and Dollar channels. SPINS specializes in the Natural Grocery and Specialty Gourmet channels and Natural and organic products in the Conventional Grocery channel (through a partnership with IRI).
Is IRI part of Nielsen?
IRI’s brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of IRI. THE NIELSEN COMPANY (US), LLC’s brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of THE NIELSEN COMPANY (US), LLC….IRI vs THE NIELSEN COMPANY (US), LLC.
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What is Nielsen and IRI?
Nielsen, IRI, and SPINS are the primary providers of syndicated market data for the CPG industry. Any manufacturer can purchase their data and retailers typically receive analytical support in exchange for sharing their data with the providers.
What is IRI Liquid data?
IRI Liquid Data is a data management platform. The solution is an advanced analytics solution for end-to-end consumer planning to activation. It comes with hundreds of integrated data sets for use in the public cloud solution and can be further enriched with client data in a tailored private cloud.
Does Walmart report IRI?
Nearly 80% of IRI panel members shop at Wal-Mart on a regular basis, the company said. For the first time, IRI will be able to report data to manufacturers on their competitors’ brands and private-label products sold within Wal-Mart.
What does CPG do?
Consumer packaged goods (CPG) are items used daily by average consumers that require routine replacement or replenishment, such as food, beverages, clothes, tobacco, makeup, and household products.