Nielsen, New York, and Label Insight, Chicago, formed a strategic alliance to help bring clarity to food, beverage and non-food transparency for the consumer packaged goods (CPG) and retail industry.
This alliance will help enable CPG companies and retailers to make faster and more informed data decisions by understanding product trends and creating better personalization for the wellness consumer. Together, Nielsen and Label Insight will develop and maintain a CPG industry retail and consumer measurement capability incorporating food, beverage and non-food ingredients, nutrients and U.S. government-regulated product attributes.
Nielsen's robust market measurement and Homescan Consumer Panel data will be combined with Label Insight's cloud-based product attributes.
"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," says Chris Morley, president, U.S. Buy, 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 1,000 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."
The Nielsen and Label Insight alliance will strengthen data and unlock ingredient and attribute insights, helping CPG brands and retailers to uncover performance drivers and emerging trends among consumers. Additional benefits include the ability to identify trending ingredients, forecast their relevance five years out, understand competitive product formulation and evaluate the impact of government regulations.
"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. This has created unprecedented pressure for brands and retailers to provide increased product transparency," says Ronak Sheth, chief customer officer, Label Insight. "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."
This new service offering will be available in Q1 2017.