Product Insider: Nielsen and Label Insight Making Transparency Possible for Brands and Retailers
Over the past few years we have seen an unprecedented rise in consumer demand for transparency, with many consumers going so far as to switching from their preferred brands in favor of brands which provide more transparency.
You can observe this phenomenon any time you go to the grocery store. Take a moment to watch people shop. See how they study products before putting them in their basket. They are trying to understand: "What is this ingredient?" "What does cage-free mean?" "Does this product match my ethics? Was it tested on animals?".
The Demand for Transparency is Real
While positive for consumers, this push for transparency has created a challenge within the industry. Transparency is hard. Retailers are trying to react to varying preferences of each shopper. And brands are trying to figure out how to stay relevant and provide transparency resonate with consumers, while simultaneously building trust and loyalty.
Making Transparency Possible for Brands and Retailers - Together
Label Insight and Nielsen announced a strategic alliance back in December to bring label transparency to consumer packaged goods companies and retailers. Nielsen is unquestionably the market leader in measuring consumer preferences. And Label Insight is the leader in creating rich product information that extends beyond the package - ingredients, nutrients, and claims. Together, this information is incredibly powerful. This strategic alliance will give brands and retailers access to rich product information combined with sales data for the first time ever.
The Launch of Nielsen Product Insider
Yesterday, building on this strategic alliance, Nielsen announced the launch of Nielsen Product Insider, the industry’s first, retail and consumer measurement tool designed to transform on pack, nutrient and food ingredient labels into quantifiable attributes. Nielsen Product Insider will allow Fast Moving Consumer Goods (FMCG) companies and retailers to: understand sales performance, shopper demographics, and create custom segmentation, as well as product trends and personalization needs for health & wellness consumers. In addition, this solution can interpret competitive product formulations; evaluate the impact of government regulations; and incorporate ailments, allergens and lifestyle preferences into loyalty and marketing programs.
The alignment of Nielsen and Label Insight’s complementary data sets has created a powerful tool for the FMCG universe. Modern consumers are standing for causes they support and adopting varied, often healthier lifestyles, some by choice (with vegan, vegetarian or Paleo diets) and some mandatory based on dietary restrictions and ailments. Product Insider will allow retailers and manufacturers to to bring detailed information to consumers who demand increased transparency around what's in the products they use and consume.
Nielsen Product Insider is currently available for purchase across food and beverage categories. Non-food categories (personal care, beauty care, household care, vitamins/supplements and pet food) are now available as well.*
We are proud of our alliance with Nielsen and are excited to see this solution further our mission of bringing transparency to consumers.
*Updated on 6/27/17 to reflect the launch of non-food categories.
About Ronak Sheth
Ronak brings over a decade of experience in software applications, consulting, technology, manufacturing, and sales. He has helped drive strategic initiatives for global companies including Diageo, Heinz, Johnson & Johnson, Unilever, Clorox, and Jaguar across Australia, Thailand, Malaysia, India, China, Europe, and North America. Ronak earned a BS degree in Industrial Engineering from Northwestern University and an MBA from Washington University in St. Louis.