Retail computer vision solutions firm Trax and consumer data giant IRI have partnered, to provide consumer packaged goods (CPG) manufacturers with additional insights into in-store execution and analytics.
The deal combines Trax's artificial intelligence-based computer vision and machine learning technology, which digitizes in-store shelf placement and display execution, with IRI's point-of-sale, shopper loyalty and household panel data. According to the firms, access to these in-store metrics enables CPGs to evaluate the quality of their execution in terms of assortment, merchandising stability, consistency of shelf execution and their relation to sales in every store.
By capturing images of retail shelves, Trax's Retail Execution Solution provides in-store execution data, offering insights integrated with the IRI Liquid Data predictive analytics and insights platform. This platform provides purchase, media and causal big data, with hundreds of integrated data sets offering end-to-end consumer insights to activation. Joel Bar-El, CEO and co-founder of Trax, says the alliance provides CPGs with a new level of data granularity, better enabling them to understand their execution impact at a store level.
Baljit Dail, President of IRI Global, adds: 'CPG manufacturers make significant investments in in-store merchandising, often allocating more than 25% of sales to trade and merchandising support costs. Trax's AI technology to digitize the shelf, combined with IRI's POS and shopper data insights, can give CPG manufacturers continuous shelf visibility and proof of execution to ensure a strong ROI on their trade and merchandising investments.'
Web sites: www.traxretail.com and www.iriworldwide.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas.