Today, label transparency plays an influential role in what consumers buy, what manufacturers make and how government organizations regulate. Nielsen and Label Insight, a cloud-based product data refinery platform, announced today, a strategic alliance to help bring clarity to food, beverage and non-food transparency for the consumer packaged goods (CPG) and retail industry. This one-of-a-kind alliance will help enable CPG companies and retailers to make faster and more informed data-decisions to grow sales by understanding product trends and creating better personalization for the wellness consumer. Together, Nielsen and Label Insight will develop and maintain a CPG industry retail and consumer measurement capability incorporating food, beverage and non-food ingredients, nutrients and US government regulated product attributes.
With this alliance, Nielsen's robust market measurement and Homescan Consumer Panel data will be combined with Label Insight's cloud-based product attributes. This will bring an unmatched level of data granularity to CPG manufacturers and retailers, generating attributes - such as nutrients, derived ingredient properties and allergens - for 80% (and growing) of US food, beverage and non-food retail sales. For example, using this new offering a retailer could identify a growing wellness or ingredient trend (ie: clean label, vegan, paleo, sprouted, etc.), determine where they have opportunity to grow sales and make assortment changes in local stores to better fulfill the growing demand.
"With the ability to examine products beyond marketing claims and explore derived ingredient properties, this enhanced offering helps to deliver a fuller view into consumer shifts across total retail grocery and goes beyond what is currently available in the marketplace," says Chris Morley, President, US Buy, Nielsen. "As consumer demand for product transparency continues to grow, it's increasingly important to offer consumers a detailed view of products and ingredients. With over 1000 different variations for a single ingredient, this highly detailed information will enable our clients to have the information they need to win with today's health-conscious consumer."
The Nielsen and Label Insight alliance will strengthen data and unlock ingredient and attribute insights never before available, helping CPG brands and retailers to uncover performance drivers and emerging trends among consumers. Additional benefits include the ability to identify trending ingredients, forecast their relevance five years out, understand competitive product formulation and evaluate the impact of government regulations.