Bringing more clarity to consumers
Nielsen and Label Insight, a cloud-based product data refinery platform, are teaming to help bring clarity to food, beverage and non-food transparency for the consumer packaged goods (CPG) and retail industry.
The alliance will help enable CPG companies and retailers to make faster and more informed data decisions to grow sales by understanding product trends and creating better personalization for the wellness consumer, according to Nielsen. The two entities will develop and maintain a CPG industry retail and consumer measurement capability incorporating food, beverage and non-food ingredients, nutrients and U.S. government-regulated product attributes.
“With the ability to examine products beyond marketing claims and explore derived ingredient properties, this enhanced offering helps to deliver a fuller view into consumer shifts across total retail grocery and goes beyond what is currently available in the marketplace,” said Chris Morley, president of U.S. Buy/Nielsen. “As consumer demand for product transparency continues to grow, it’s increasingly important to offer consumers a detailed view of products and ingredients. With over 1,000 different variations for a single ingredient, this highly detailed information will enable our clients to have the information they need to win with today's health-conscious consumer.”
The two entities say the alliance will strengthen data and unlock ingredient and attribute insights never before available, helping CPG brands and retailers to uncover performance drivers and emerging trends among consumers. Additional benefits include the ability to identify trending ingredients, forecast their relevance five years out, understand competitive product formulation and evaluate the impact of government regulations.
“Consumers are becoming increasingly sophisticated with their food-purchasing decisions as their definitions of healthy become more varied — from gluten-free to low-sugar to sustainably sourced,” said Ronak Sheth, chief customer officer for Label Insight. “This has created unprecedented pressure for brands and retailers to provide increased product transparency. Our alliance will enable brands and retailers to better respond to this heightened demand for transparency, by not just understanding what is being purchased but why consumers are motivated to buy a certain product. Unlocking insights and trends around formulations, claims, nutrients and other rich content will allow brands to innovate faster and will allow retailers to have personalized conversations with their shoppers.”