Building on the recent strategic alliance with Label Insight, Chicago, Nielsen, New York, launched Nielsen Product Insider, a retail and consumer measurement tool designed to transform on-pack nutrient and food ingredient labels into quantifiable attributes. With this launch, Nielsen's robust market measurement and Homescan Consumer Panel data are combined with Label Insight's cloud-based product attributes.
Delivering greater product transparency about real ingredients and attributes, Nielsen Product Insider will allow food fast-moving consumer goods (FMCG) companies and retailers to understand sales performance and shopper demographics, create custom segmentation and understand product trends and personalization needs for health and wellness consumers. In addition, this solution can interpret competitive product formulations, evaluate the impact of government regulations and incorporate ailments, allergens and lifestyle preferences into loyalty and marketing programs.
"There is an increasing consumer demand for greater product transparency, and a stronger push from governmental regulators to increase food packaging transparency such as the new FDA nutrition panel and GMO labeling requirements," says Chris Morley, president, U.S. Buy, Nielsen. "Until now, manufacturers and retailers lacked visibility into sales performance and consumer shifting due to these factors. Nielsen Product Insider will allow companies to make more informed data decisions to grow sales by understanding product trends and creating better personalization for the wellness consumer."
"The alignment of Nielsen and Label Insight's complementary data sets has created a powerful tool for the FMCG universe," says Ronak Sheth, chief customer officer, Label Insight. "Modern consumers are standing for causes they support, and adopting varied, often healthier lifestyles, some by choice (with vegan, vegetarian or Paleo diets) and some mandatory based on dietary restrictions and ailments. Product Insider will allow retailers and manufacturers to bring detailed information to consumers who demand increased transparency around what's in the products they use and consume."
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