FMCG in the new decade has been headlined by panic buying, disrupted supply chains, economic chaos, ‘safe’ brands, reduced trade spending and mass migration to online channels. And it’s also been about community, safety and solidarity as we discovered that our industry’s resilience is much stronger when we work together as ‘mates’. To win in the new look marketplace; retailers, suppliers and manufacturers must be open to collaborating on the new and different opportunities (and challenges) that will be presented. Optimising shared growth potential will be augmented if all parties play within the retailer’s framework, collaborate on, and track joint objectives, and do it all at the pace of change.
Reinventing the relationship
To truly unlock growth in 2021, retailers, suppliers and manufacturers must reinvigorate and even reinvent their relationships. Closer collaboration and conversation can unlock new trends and the changes they will drive. Defining a shared path to growth beyond standard metrics such as sales and share growth, but through the expanded availability of customer and basket level data, allows an even deeper and more nuanced understanding of market movement. For example, Priceline Pulse and Coles Synergy allow suppliers and retailers to drill deeply into the impact of market changes on sales but also how they are impacting their customers – a win/win for the supplier, retailer and the customer.
Unite in the retailer’s blueprint
Utilising a standard retailer taxonomy, you can analyse products, make recommendations and enjoy the fruits of more productive conversations. Retailer gateways as the Costco Collaborative Retail Exchange (CRX), Priceline Pulse, and the newly launched Coles Synergy synergise the same data, structured in the way the retailer views it. By removing any confusion on the ‘what’, the conversation can progress to the ‘so what’ and ‘now what’.
Doing it all at the pace of change
As Australians quickly shifted their preferences to security and comfort, 2020 clearly showed us that the opportunities for growth were capitalised on by those businesses who had an agile mindset – success was driven by pivoting online or addressing new needs at speed as the pandemic took hold and. And in 2021, consumer expectation will demand that this pace of change be met as quickly as it was in 2020. Expanding the depth and breadth of your available data through collaboration opens up great opportunity to action that real-time change, reallocate spend, and optimise timing and location all in alignment with rapidly evolving strategies.
Managing change in real-time
The ability to understand what happened yesterday allows retailers and suppliers to be proactive and manage real-time change. Coles Synergy and Costco CRX both deliver next-day daily data ensuring objectives can be adjusted as needed to maximise the opportunities a rapidly shifting market can present. Yesterday’s data today provides unprecedented understanding of the market’s changing dynamics and as the global market re-orients at a pace never before seen, real-time change and collaboration has never been more critical.
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Whether it’s analysing how to make your assortment, pricing and promotions more profitable, tailoring your shopper engagement strategies to target likely purchasers of your brand, or guiding you through new product or market planning, we ensure that your business can better leverage data and insights to help you grow.
IRI are the leading market intelligence firm for FMCG retailers and manufacturers. We partner with our clients unlock insights using data and our industry leading technology, to access deeper shopper insights and identify opportunities to support business growth.
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