VideoMining Corp., a provider of in-store behavior analytics for CPG retail, has released a new ongoing service called Shopper Insights Tracker to help the industry respond more rapidly to the changing needs of grocery and convenience store shoppers.
The Shopper Insights Tracker will leverage real-time data on shopping and purchase behavior from 700 million store trips across a national panel of stores from a diverse set of retailers from VideoMining’s Grocery Shopper Insights (GSI) and C-Store Shopper Insights (CSI) programs.
These programs have supported the annual MegaStudy and custom studies for more than a decade to help CPGs and retailers with a range of shopper insights applications. Now, with the help of advanced AI technologies and real-time analysis of in-store behavior and trip data, the new service will provide more timely and ongoing shopper insights to help continually adapt to today’s uncertain retail environment.
The Shopper Insights Tracker complements other sources of data—such as from loyalty cards or consumer surveys—providing visibility into actual in-store behavior and total store trips. The tracker service will provide rapid feedback on changes in overall shopping behavior in the two channels, including relevant behavioral metrics for each category and brand. This will help CPGs adjust their strategies and provide insights-based recommendations to retailers to match shopper needs.
“Now more than ever, to compete successfully, CPGs need a process to continually and quickly adapt their strategies to unexpected shifts in shopper behaviors,” stated Dr. Rajeev Sharma, founder and CEO of State College, Pennsylvania-based VideoMining. “We are very excited to be part of that solution and help our clients navigate the changing retail landscape through fact-based insights.”
The tracker service is available immediately and will include yearlong data from 2019 and the first quarter of 2020. The 2019 data will be used for baseline insights and for year-over-year comparisons, while the Q1 2020 data will provide insights on how shoppers have responded to the Covid-19 pandemic. Ongoing data will be available at weekly granularity to capture detailed behavioral trends at the channel, category and brand levels; the data will be analyzed and interpreted to provide actionable insights. The GSI and CSI programs will continue to provide insights such as Category Fundamentals, Display Playbooks and Demographics Deep Dives alongside a range of custom research options.