IRI is launching two new solutions that feature more comprehensive and accurate measurement of in-store and online sales of consumer goods.
The two new tools, IRI OmniMarket and IRI OmniConsumer, "represent the first omnichannel measurement, at scale, for our industry,” said Andrew Appel, president and CEO of IRI. “We have been on a journey to assemble the assets required to comprehensively measure omnichannel share and consumer behavior and the addition of the 1.5-million-member receipt panel is the final piece of this solution. These assets are all integrated into our world-class IRI Liquid Data technology platform and allow our clients to shift seamlessly from insights to activation with a complete understanding of the market and consumer’s behavior.”
OmniMarket provides comprehensive and accurate measurement of in-store and online sales based on the best available data sources in the industry. The solution offers an integrated view of market performance by tracking dollar and unit sales with brand-level granularity across all categories for multi-outlet, dollar, club, specialty and online retailers. More than 75% of the $1 trillion in measured sales comes from retailer-direct point-of-sale (POS) and e-POS data, which represents the largest and most precise data “truth set” in the industry. The OmniMarket solution is currently available to IRI clients.
OmniConsumer integrates three unique panel datasets into a single platform to longitudinally track consumer purchase behavior across all brick-and-mortar and e-commerce channels. The solution’s three complementary panel datasets include IRI’s 100,000-household scan panel, 70-million-household loyalty card panel and a 1.5-million-member receipt panel obtained through IRI’s acquisition of CoinOut on March 31.
This combination of panel datasets provides scale and granularity for measuring omnichannel consumer purchase behavior. Additionally, all panels are calibrated to IRI’s OmniMarket data, ensuring consumer insights reflect the precise sales in the market giving clients the most accurate insights about consumer behavior in the CPG industry.
“The combination of these three panel datasets, calibrated to POS data, into OmniConsumer’s one integrated system creates an omnichannel solution that is truly unmatched in its scale and granularity,” said Jeremy Allen, IRI’s president of market and shopper intelligence. “IRI’s industry-leading breadth and depth of data, technology and analytics uniquely position us to deliver the most accurate and actionable insights for our clients focused on today’s omnichannel consumers.”
The OmniConsumer solution will be available for beta testing later this year and will be made fully available to all IRI clients by the end of 2021.