Today NielsenIQ Brandbank and Foodmaestro have announced the launch of their new data insights platform, Category Insights. Leading the way in digital product content across the world, Category Insights is the first platform to enable retailers and suppliers to power the new product development process and efficiently monitor, analyse and understand the FMCG marketplace.
According to a NielsenIQ study, 46% of consumers are more likely to try new brands than five years ago, meaning brand loyalty will soon become a thing of the past. As consumers tastes and buying motivations evolve, they are no longer looking at the logo on the front of the pack, but instead looking at what’s on the back. As a result, it is becoming increasingly important for retailers and suppliers to understand the landscape of their existing ranges, by identifying where their products sit amongst competitors, and how they compare in regards to nutrition, health and allergens.
With 2 of every 3 shoppers wanting to exclude certain foods from their diet, the FMCG industry is expected to evolve and innovate exciting new products to cater for all needs. Using Category Insights, retailers and suppliers will not only be able to identify gaps in the market but investigate further into product categories to analyse opportunities for new product development.
Jaed Khan, CEO at Foodmaestro commented,
“We are very excited to be delivering yet another industry solution with our partners at NielsenIQ Brandbank. By enabling retailers and manufacturers to analyse key product information and support their drive to innovate across the FMCG marketplace, is a demonstration of the value in using data to drive informed decisions and help serve changing consumer needs.”
Mike Nickituk, Global Managing Director at NielsenIQ Brandbank commented,
“We are delighted to have partnered with Foodmaestro to deliver an industry wide solution, supporting retailers and suppliers with NPD and innovation. By removing unnecessary costs and complexity from the industry, this is an important step forward for NielsenIQ Brandbank, helping drive innovation in the FMCG marketplace and further support the evolving demands of consumers.”