IRI, a leading provider of FMCG market intelligence and predictive, actionable insight, has launched its Convenience Price & Promotion solution to help manufacturers understand which price-points and promotions resonate most with shoppers in the convenience channel. Available in the convenience market for the first time, IRI’s new solution will offer a level and granularity of price and trade analytics and data, previously only available within the grocery channel.
Manufacturers currently spend around £7.5 billion on promotions annually within UK convenience – a market worth £37 billion and growing. While brands recognise huge opportunities in the market, they also encounter unique challenges, including managing price-marked packs, multi-buys and price sensitivity and elasticity.
Aimed at both existing IRI clients using Convenience Market Place, launched last year, and new clients, the new Price & Promotion solution will help manufacturers:
• Improve price decisions by understanding price sensitivity and interaction in each retailer
• Gain insights on promotional uplifts by SKU by retailer detailing levels of cannibalisation and promotional steal
• Distinguish which trade mechanics drive growth for the portfolio and set guidelines for the sales teams
• Improve decision-making and quantify sales opportunities via simulation of their own and competitor pricing and promotional strategies
www.IRIworldwide.com
Price & Promotion solution for UK convenience channel
