IRI Launches Product Demand Index

In the US big data, predictive analytics and insights provider IRI has launched the CPG Demand Index, to help manufacturers and retailers understand product demand, supply chain opportunities, and shifts in shopper behaviour.

The new report measures weekly changes in consumer purchases, by dollar sales, against the year-ago period across departments, categories and retail formats. It includes sales data reported from twelve retail chains' point-of-sale and eCommerce transactions nationwide, as well as a fully-automated forecasting solution, and is updated daily with the latest figures.

In addition, the service tracks convenience and multi-outlets (food, drug, mass, club, dollar and military), including click-and-collect orders for all brick-and-mortar stores, as well as delivery services. It also includes insights into changes in weekly dollar sales by US state and region; and tracks changes in basket size (the number of items the shopper purchases) and trip frequency (how often the shopper makes a purchase in a store or for online orders picked up at the store), with projections updated on a weekly basis.

Krishnakumar (KK) Davey (pictured), the firm's President of Strategic Analytics, comments: 'Access to an up-to-date, accurate and standardized demand measure is more critical now than ever before, as historical trends provide limited guidance to current demand during these unprecedented times. The IRI CPG Demand Index is powered by a daily stream of verified point-of-sale and eCommerce data, enabling companies across the CPG ecosystem to contextualize changes in demand and leverage that information to develop actionable insights and enhance supply chain effectiveness'.

Web site: www.iriworldwide.com .

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