IRI, Label Insights Partner for Ingredient Insights
IRI, which provides innovative solutions and services for consumer, retail and media companies, has partnered with Label Insights, a company in powering product attribute-driven growth in the CPG segment, to provide CPG manufacturers and retailers with more detailed insights into product performance based on nutrition and ingredient label data.
The partnership will allow IRI to add hundreds of new attributes to its IRI Liquid Data technology platform, including the ability to track and measure product sales performance and shopper behavior across ingredient and product labeling attributes like 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. “IRI’s partnership with the 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.”
The new program will link Label Insights’ granular insights in product attributes that help consumers understand what they purchase with IRI’s point-of-sale data and purchase-based data set that is gathered from retailer’s loyalty cards. The result will be a better understanding of the relationship between ingredients and sales performance so both manufacturers and retailers can adapt production and marketing appropriately.
“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.”