IRI and Label Insight are joining forces to provide CPG manufacturers and retailers with more detailed insight into product performance based on nutrition and ingredient label data. Sales performance and shopper behavior across ingredient and labeling attributes, such as “gluten-free” and “clean label,” can now be measured and tracked.
“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, which provides data, analytics and insights through a cloud-based technology platform. “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.”
Label Insight generates CPG product attributes based on health benefits and ingredients, which helps consumers understand the products they buy. The partnership links IRI’s purchase-based data set with Label Insight’s product label and ingredient attributes. Manufacturers and retailers can better understand the relationship between ingredients and sales performance, thus allowing them to adapt appropriately.
“We are thrilled to partner with IRI,” said Ronak Sheth, CEO of Label Insight, which combines package data with patented data science and machine learning to create more than 22,000 attributes per product. “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.”