Nielsen Global Connect said it has successfully rolled out its new Retail Pricing Analytics application tools. More than 60 consumer packaged goods (CPG) retailers in the U.S., including Associated Wholesale Grocers, Inc. (AWG), Coborn’s, Smart & Final, ReFuel, Weis Markets and NPC, are powering their strategic pricing decisions through Nielsen’s latest end-to-end pricing and promotion application. Available through the cloud-native Nielsen Connect platform, Nielsen Retail Pricing Analytics leverages artificial intelligence (AI) modules to help retailers quickly enact, adjust and track pricing and promotion strategies.
The company said the tool brings stability to an unstable pricing landscape impacted by geopolitical and supply chain hurdles—which, amid the COVID-19 pandemic, have driven inflation among nearly 80 percent of Nielsen U.S. measured product categories. The application integrates Nielsen’s price intelligence data—built on the company’s leading point-of-sale data—with machine learning algorithms to help retailers create, manage and improve pricing and promotion strategies. Accessible through an interactive cloud-based interface, Nielsen’s Retail Pricing Analytics provides retailers with detailed, yet intuitive summaries of the impact of implemented pricing changes.
Differentiated by its capability—through one portal—to track and segment competitive price tracking by market, define key value items (KVIs) for price adjustment opportunities, implement and manage in-market execution and quantify return on investment (ROI) from everyday price changes and promotions, Nielsen Retail Pricing Analytics guides retailers through every phase of end-to-end pricing.
Enabled by Nielsen’s new pricing and promotion analytics solutions, retailers are running updated reports every 43 seconds.
As noted by Richard Gunn, SVP of Weis Merchandising and Marketing, Weis Markets, “Nielsen is a pivotal partner of Weis’s pricing strategy. Nielsen supports Weis’s mission to provide value to our customers and differentiate in a competitive marketplace. Our merchant team is equipped with insights to react and monitor our strategic initiatives.”
“Price and promotion are the largest drivers of store choice among consumers, according to Nielsen’s Store Choice Drivers Survey, yet retailers continue to make price and promotion changes based on incomplete data from costly, slow and incomplete audits of competitive strategies,” said Morgan Seybert, Managing Director, U.S. Analytics, Nielsen.
