“Retailers are on the front line in meeting shoppers’ evolving needs for healthier options,” said Andrew Appel, president and chief executive officer of IRI. “So IRI and SPINS are teaming up to integrate the richness of SPINS’ natural and specialty product attributes with various on-demand data sources into the industry-leading IRI Liquid Data platform to help retailers get insights on sales drivers and pinpoint the behaviors of natural and organic shoppers.”
The “natural products industry”, known as NPI, is a product definition that has been attributed to SPINS, which is known for having extensive natural/organic and wellness coding. IRI’s contribution is the IRI Liquid Data platform, which is a large data platform that is comprised of authoring and collaboration capabilities and built-in visualization that can be custom-made to a private cloud deployment.
According to a SPINS press release statement, retailers are already finding advantages to the enhanced solution.
- Identify Trends: Create attribute-rich corporate scorecards based on both shopper and market share metrics to support wellness goals within a retailer’s own hierarchy, such as overall measurement of market share with gluten-free, non-GMO and organic product shoppers. Transition easily into the SPINS hierarchy as needed to pinpoint additional trends in wellness among the core natural shoppers and measure share by market and share of wallet.
- Develop Assortment and Pricing Strategies: Facilitate a strong link between measuring the market and building effective assortment and pricing strategies that meet health and lifestyle shopper needs, improving shopper loyalty at retail. Activate identified wellness trends at the shelf with ease through attribute-rich assortment analytics and pricing navigation.
- Drive Shopper Insight and Activation: By leveraging the extensive consumer insights that come from millions of households, retailers gain precision understanding of natural shopper engagement within their own stores and wherever else these shoppers are buying natural products. This new solution unlocks unique consumer dynamics driven by health and lifestyle choices, such as Paleo, allergy friendly and animal welfare, which drive innovation along with brand and category growth.
“SPINS is laser focused on retail excellence, and we are pleased to expand our partnership with IRI in announcing this additional service in support of our mutual retailer partners,” said Tony Olson, chief executive officer of SPINS. “Our new solution provides retailers with that much-needed road map to meet their shoppers’ demands for natural and wellness products and activate accelerated growth.”
The health and wellness product attributes created by SPINS, available through integration into IRI Liquid Data to retailers through attributes representing over 1,300 characteristics. Annual expansion of new Liquid Data attributes, as well as those in SPINS tools with grow retail partnership participation.
