Nielsen rolls out Retail Pricing Analytics application

Nielsen is building out its pricing and promotion analytics capabilities with its newest application.

The Nielsen Retail Pricing Analytics application, which is available through Nielsen Connect, uses artificial intelligence modules meant to help retailers start, modify and track pricing and promotion strategies.

Nielsen noted that the end-to-end application — currently being used by more than 60 CPG retailers in the United States — can help bring stability to a pricing landscape, largely impacted by the ongoing COVID-19 pandemic, which has driven inflation in roughly 80% of the categories that Nielsen U.S. measures. Retail Pricing Analytics integrates price intelligence data with machine-learning algorithms to help retailers better manage their pricing and promotion efforts. The company noted that the application offers detailed summaries of pricing change impacts on an overall category, as well as performance detail on an item-by-item basis to help outline margin impact.

“Price and promotion are the largest drivers of store choice among consumers, according to Nielsen’s Store Choice Drivers Survey, yet retailers continue to make price and promotion changes based on incomplete data from costly, slow and incomplete audits of competitive strategies,” said Morgan Seybert, managing director of U.S. analytics at Nielsen. “Retail Pricing Analytics differentiates itself from the market through easy-to-use software that solves the complete end-to-end pricing process — from strategy to execution to in-market tracking. We are using the power of the Nielsen Connect platform to provide retailers with the essential intelligence and analytics to identify, predict and activate on key business decisions, and help them scale their decision-making with their suppliers. When combined with the person-level capabilities from our recent Precima acquisition, we can harness the power of rest-of-market and loyalty data to develop market- and shopper-informed pricing strategies to help retailers win in the market.”

With the Retail Pricing Analytics application, retailers are able to run updated reports every 43 seconds. Among the retailers using the application is Weis Markets, whose senior vice president of Weis merchandising and marketing, Richard Gunn, said it has been a boon for the company.

“Nielsen is a pivotal partner of Weis’s pricing strategy,” Gunn said. “Nielsen supports Weis’s mission to provide value to our customers and differentiate in a competitive marketplace. Our merchant team is equipped with insights to react and monitor our strategic initiatives.”