Consumer insights go even more granular
Nielsen and data provider Label Insight have taken the concept of data granularity literally with a deal that allows retailers and consumer goods companies to mine nutrition and ingredient information.
Following a strategic alliance with Label Insight, Nielsen launched a new measurement tool designed to transform on-pack nutrient and food ingredient labels into quantifiable attributes. Dubbed the Nielsen Product Insider, the company combined its market measurement and Homescan Consumer Panel data with Label Insight’s cloud-based product attribute information to offer a new type of data granularity to food manufacturers and retailers.
“There is an increasing consumer demand for greater product transparency, and a stronger push from governmental regulators to increase food packaging transparency such as the new FDA nutrition panel and GMO labeling requirements,” said Chris Morley, President, U.S. Buy, Nielsen. “Until now manufacturers and retailers lacked visibility into sales performance and consumer shifting due to these factors. Nielsen Product Insider will allow companies to make more informed, data-decisions to grow sales by understanding product trends and creating better personalization for the wellness consumer.”
By delivering greater product transparency about real ingredients and attributes, Nielsen Product Insider is designed to help companies understand sales performance, shopper demographics, and create custom segmentation, as well as product trends and personalization needs for health and wellness consumers. In addition, the solution can interpret competitive product formulations; evaluate the impact of government regulations; and incorporate ailments, allergens and lifestyle preferences into loyalty and marketing programs.
“The alignment of Nielsen and Label Insight’s complementary data sets has created a powerful tool for the (fast moving consumer goods) universe,” said Ronak Sheth, Chief Customer Officer, Label Insight. “Modern consumers are standing for causes they support and adopting varied, often healthier lifestyles, some by choice (with vegan, vegetarian or Paleo diets) and some mandatory based on dietary restrictions and ailments. Product Insider will allow retailers and manufacturers to bring detailed information to consumers who demand increased transparency around what's in the products they use and consume.”
The solution is currently available for food and beverage categories with non-food categories such as personal care, beauty care, household care, vitamins/supplements and pet food expected to be available in the coming months.