IRI, the solutions and services provider for consumer, retail and over-the-counter healthcare companies, reports that faster delivery of insights can have a dramatic effect on performance, including better promotional availability and planning, resulting in promotional uplift of up to 50 per cent. With much more rapid insights, IRI is enhancing both execution and shopper satisfaction.
With IRI now delivering point-of-sale (POS) data from multiple retailers across multiple European countries as quickly as three days after the shopping day ends (Day+3) and in some cases next day, it means manufacturers and retailers can more effectively reduce out of stocks, adjust promotional strategies and ensure pricing compliance.
The company also reveals that accelerated delivery of insights can:
- Improve on-shelf availability, resulting in a 2-10 per cent revenue increase
- Enhance speed and solidity of distribution on the shelf for new products, achieving 5-15 per cent greater year-one sales
"Accelerating data availability gives FMCG companies a new level of nimbleness with which to serve shoppers," says Dan Finke, Managing Director UK, IRI. "Our goal is to help provide a perfect in-store experience. We define a perfect experience as providing the products the shopper wants, having the product in stock in a suitable pack size, offering it at the right price, promoting it through media that impacts the shopper, and having enough inventory to satisfy shopper needs."
Traditionally, POS data is available to manufacturers and retailers a minimum of seven days after a shopping day ends. As a result, if situations such as out of stocks are occurring or promotional strategies are not achieving desired results, manufacturer and retail decision makers receive the information too late to have an immediate impact and prevent lost revenues. IRI is implementing solutions for manufacturers and retailers, leveraging a variety of data sources, including daily data that accelerates insights and joint business planning processes, such as assortment management, in-store execution, market measurement, pricing and promotion.
"Sometimes, receiving trending data rapidly with comprehensive data later provides a better solution for manufacturers and retailers eager to respond quickly to shopper needs," Dan Finke continues. "Since each FMCG company has different needs in terms of granularity and accuracy, IRI is customising delivery to better address these needs and more effectively convert insights to action."