Building on the recent strategic alliance with Label Insight (labelinsight.com), Nielsen (nielsen.com) announces the launch of Nielsen Product Insider, a retail and consumer measurement tool designed to transform on-pack nutrient and food ingredient labels into quantifiable attributes. With this launch, Nielsen's robust market measurement and Homescan Consumer Panel data are combined with Label Insight's industry-leading cloud-based product attributes. Together this brings an unmatched level of data granularity to food manufacturers and retailers.
Delivering greater product transparency about real ingredients and attributes, Nielsen Product Insider will allow food 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.
"There is an increasing consumer demand for greater product transparency, and a stronger push from governmental regulators to increase food packaging transparency such as the new FDA nutrition panel and GMO labeling requirements," says Chris Morley, president, U.S. Buy, Nielsen. "Until now manufacturers and retailers lacked visibility into sales performance and consumer shifting due to these factors. Nielsen Product Insider will allow companies to make more informed, data-decisions to grow sales by understanding product trends and creating better personalization for the wellness consumer."
In today's consumption climate, there is an appetite to gain a more in depth understanding into what ingredients and nutrients products contain, beyond the marketing claims on the packaging. In fact, according to Nielsen's Global Ingredient and Dining Out survey, consumers' view of ingredients such as sugar is changing when it comes to product transparency. Twenty-two percent of U.S. consumers say they restrict their sugar intake for health concerns. Across the $8.6 U.S. billion cereal category, 26% of U.S. respondents stated that low sugar is an important consideration when buying that particular category. However, Nielsen Product Insider identified that 98% of dollar sales within the U.S. cereal category come from products that contain added sugar. With new FDA labeling requirements coming to fruition in 2018 and state-issued sugar taxes also being imposed, Nielsen Product Insider will equip clients with the tools and data necessary to see what products contain added sugars – and how much.
"The alignment of Nielsen and Label Insight's complementary data sets has created a powerful tool for the FMCG universe," says Ronak Sheth, chief customer officer, Label Insight. "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 bring detailed information to consumers who demand increased transparency around what's in the products they use and consume."
Nielsen Product Insider is available across food and beverage categories. Non-food categories (personal care, beauty care, household care, vitamins/supplements and pet food) will become available within the coming months.