New York, NY–Nielsen Global Connect announced the rollout of its Retail Pricing Analytics application tools. This application can help bring stability to an unstable pricing landscape, Nielsen said, noting that amid the COVID-19 crisis, geopolitical and supply chain hurdles have driven inflation among nearly 80% of Nielsen U.S. measured product categories.
Available through the cloud-native Nielsen Connect platform, the application integrates Nielsen’s price intelligence data with machine learning algorithms to help retailers create, manage, and improve pricing and promotion strategies, according to the company.
As outlined in the release, the application:
- Provides detailed summaries of the impact of implemented pricing changes (on the overall category, not just a single item) and item performance detail. This enables retailers to better understand margin impact.
- Features embedded AI dashboards that mine billions of data points to identify logical price changes for ongoing execution.
- Guides retailers through every phase of end-to-end pricing. It has the capability 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.
“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, in the release. “Retail Pricing Analytics differentiates itself from the market through easy-to-use software that solves the complete end-to-end pricing process—from strategy to execution to in-market tracking. We are using the power of the Nielsen Connect platform to provide retailers with the essential intelligence and analytics to identify, predict and activate on key business decisions, and help them scale their decision-making with their suppliers. When combined with the person-level capabilities from our recent Precima acquisition, we can harness the power of rest-of-market and loyalty data to develop market- and shopper-informed pricing strategies to help retailers win in the market.”
Nieslen reported that 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 utilizing the application to inform their strategic pricing decisions, and retailers are running updated reports every 43 seconds.
“Nielsen is a pivotal partner of Weis’s pricing strategy,” said Richard Gunn, SVP of Weis Merchandising and Marketing, Weis Markets, in the release. “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.”