Nielsen Launches Retail Price Analytics App

Nielsen Global Connect has launched Retail Pricing Analytics, an app which use artificial intelligence modules to help retailers set up, adjust and track pricing and promotion strategies.

Accessible through an interactive cloud-based interface, the new app provides retailers with detailed summaries of the impact of implemented pricing changes on overall categories, not just single items; as well as item performance detail, in order to better understand margin impact. The tool integrates Nielsen's price intelligence information - built on the company's point-of-sale data - with machine learning algorithms, and mines billions of data points to identify logical price changes.

The tool tracks and segments competitive pricing by market, and defines key value items (KVIs) for price adjustment opportunities, to help implement and manage in-market execution and quantify return on investment from price changes and promotions. According to Nielsen, retailers using the solution can run updated reports every 43 seconds.

Morgan Seybert (pictured), MD, US Analytics, comments: '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'.

Web site: www.nielsen.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.