Chicago-based Information Resources Inc. (IRI) and Label Insight announced that they are joining forces to provide consumer packaged goods (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 companies say.
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, in a statement. “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, it says. This partnership links IRI’s point-of-sale data and purchase-based data set, gleaned from 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 spending on production and marketing to adapt appropriately to developing health and wellness trends, the companies state.
“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.”