Datasembly's updated Grocery Price Index now includes granular data across 35 cateogries and subcategories.
As consumers keep a wary eye on prices and have shown a propensity for cross-channel shopping, Datasemblyis updating its signature Grocery Price Index (GPI) The new GPI 2.0 is based on deeper levels of data – gleaned from billions of pricing and product records collected by Datasembly daily – that provide retailers with real-time, hyper-local information.
In addition to tapping into data from 150,000 stores across more than 30,000 U.S. ZIP codes, the latest GPI version includes an updated product assortment. Datasembly also more than doubled the number of categories from 14 to 34 and added subcategories that lend greater insights into what factors may be driving change in a certain area.
For a deeper look at potential buying behaviors, the GPI 2.0 segments median household income by ZIP code, uncovering patterns of grocery prices by nine income segments. The index can be further leveraged to identify trends by state and in 54 of the nation’s largest metropolitan areas.
By understanding pricing trends in an immediate and granular way, grocers can set their competitive pricing and distinguish their business, said Datasembly Co-Founder and CEO Ben Reich. “With our nation facing record-breaking inflation and unforeseen market volatility this year, the need for real-time competitive pricing intelligence is more important now than ever,” Reich declared. “It’s absolutely critical for retailers and CPGs to have access to actionable data so they’re armed with the insights required to drive pricing strategies, and ultimately increase revenue and profitability. With our new GPI 2.0, we’re providing an even deeper level of market insights, empowering our customers to make the best decisions possible for their business.”
In an exclusive interview with Progressive Grocer, Reich emphasized that the updated index benefits a range of users. "Datasembly's Grocery Price Index gives retailers and CPGs of all sizes access to the inflationary insight created from the billions of pricing and product records that we're collecting daily,” he said. “GPI instantly provides insight for everyone from smaller, independent grocers and CPGs, to the nation’s largest retailers and CPGs to help them better understand inflationary impacts as they work to reset pricing strategies, promotions, and assortment on a massive scale.”
The index will be updated weekly, according to Datasembly.