Numerator, a data and tech company serving the market research space, has launched an omnichannel market share measurement system for CPG brands and retailers called TruView. The tool helps modernize market share measurement to seamlessly measure in-store, online and emerging retail channels.
Market share is a primary metric used to evaluate brand performance by manufacturers, retailers, and industry and sell-side analysts.
The industry currently measures market share using aggregated point-of-sale (POS) data. According to Numerator, POS data falls short on reflecting the market with the rise in e-commerce, a lack of visibility into growing private label brands masked by retailers, and contracting sales covered by retailers willing to share the data required to participate in POS aggregation. This narrows the scope that POS covers. Numerator estimates that more than half of all shopping (55%) is now taking place outside of what the retailers' POS can see, including e-commerce.
Numerator created TruView to solve this industry shortfall, using consumer-sourced purchase data at a scale never previously available, and powered by a more than 1 million-strong household panel that Numerator revealed earlier this month. This allows brands and retailers to look at market share by the people who buy the products, not just by the stores that sell them. For example, brands can see their market share among Hispanic Millennials in California.
"Today's launch of a consumer-based all-channel market share measurement solution represents a major milestone in our industry," said Eric Belcher, CEO of Chicago-based Numerator. "POS-based share measurement was created decades ago when consumers had fewer choices, resulting in far more uniform shopping behavior than we see today. We believe the primary measure of market share in the future will capture all shopping channels that consumers utilize, will allow a marketer to know the consumer segments behind a purchase and will also be available in near real time."
In addition to omnichannel and demographic market share, TruView offers:
- Speed: with data as recent as three days after consumer buying.
- Flexibility: an easy-to-use platform allowing users to filter share parameters.
- Convenience: includes dashboards designed for use in board-level materials.
Numerator’s launch follows IRI’s debut of its IRI OmniMarket and IRI OmniConsumer, two solutions that offer its customers more comprehensive and accurate measurement of in-store and online sales of consumer goods.
Additionally, Numerator recently launched a COVID Buyer Habit Index to understand the "stickiness" of new consumer buying behaviors formed during COVID-19. The analysis examines seven major consumer packaged goods categories (alcohol, baking and cooking, beverages, meat, snacks, personal care, and vitamins and supplements) to identify which categories were more habit-forming in 2020 versus 2019.
Meanwhile, leading data analytics group Kantar recently agreed to acquire Numerator. Kantar, with U.S. headquarters in New York, entered into the agreement with Vista Equity Partners to buy Numerator in an effort to improve its tech capabilities.