Nielsen, Label Insight Team on Label Transparency
Nielsen and Label Insight, a cloud-based product data refinery platform, have formed a strategic alliance to help bring greater food, beverage and nonfood transparency to consumer packaged goods (CPG) companies and retailers, enabling them to make faster, more informed data decisions to grow sales by understanding product trends and creating better personalization for wellness consumers.
Nielsen and Label Insight will develop and maintain a CPG industry retail and consumer measurement capability incorporating food, beverage and nonfood ingredients, nutrients and U.S. government-regulated product attributes.
Under the alliance, Nielsen’s market measurement and Homescan Consumer Panel data will combine with Label Insight’s cloud-based product attributes, resulting in an unmatched level of data granularity that will generate attributes such as nutrients, derived ingredient properties and allergens for 80 percent -- and rising -- of U.S. food, beverage and nonfood retail sales.
The alliance will strengthen data and yield ingredient and attribute insights not previously available, helping users pinpoint performance drivers and emerging trends among consumers. Among the further benefits will be the ability to identify trending ingredients, forecast their relevance five years in advance, understand competitive product formulation, and gauge the effect of government regulations.
“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, U.S. buy at Schaumburg, Ill.-based 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 1000 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.”
“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,” noted Ronak Sheth, chief customer officer at Chicago-based 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.”
Premium health-and-wellness characteristic information built from ingredient and nutrition panel intelligence across food and beverage categories, including beverage alcohol, will be available in Q1 2017, followed by nonfood categories (personal care, beauty care, household care, vitamins/supplements and pet food) in Q2.