Ventura Foods unlocks category and brand growth by implementing opportunities discovered through the IRI Assortment Optimization Engine
CHICAGO – March 23, 2022 – Information Resources, Inc. (IRI®), a fast-growing global technology leader in innovative solutions and services for consumer, retail and media companies, has expanded its partnership with Ventura Foods LLC, a leading producer of food service products, to utilize IRI’s assortment solutions to drive growth for the brand.
"Having the right product in the right place for the right consumer is essential when it comes to finding success in today's market," said Doug Little, senior manager of Insights and Category Management for Ventura Foods. "The IRI Assortment Optimization tools allow us to make data-driven decisions to tailor assortment to meet our customers' needs. The tool offers a great way to visualize our set, compartmentalize items on the shelf and identify top sellers and poor performers, creating opportunities for innovation that optimize both our brand and the retailers' set."
The IRI Assortment Optimization Engine, which leverages machine learning and artificial intelligence, develops assortments tailored to key customer opportunities for Ventura Foods, including identifying optimal pack sizes for distribution and projecting incremental category growth through the partnership. For example, Ventura Foods has identified a need for large, club-sized items within its accounts and has used the tool's predictive data to sell to buyers, leading to substantial brand and overall category growth.
"Recent market challenges including increased competition and lowered shelf availability have made it more important than ever for manufacturers and retailers to understand which products need to be on the shelf," said Stefanie Fiery-Cale, principal of Client Insights for IRI. "Through detailed analysis, IRI's assortment solutions offer guidance to Ventura Foods to ensure that its product assortment strategy is optimized, identifying which products to have on which shelves and in which stores to meet the needs of specific shoppers."
For more information on IRI’s Mid-Market Growth Practice’s comprehensive portfolio of solutions specifically crafted for small and midsize brands, please contact Robert Porod at Robert.Porod@IRIworldwide.com.
About IRI's Mid-Market Growth Practice
The Mid-Market Growth Practice of IRI provides high-tech and high-touch support for small to midsize manufacturers. Regardless of company size, IRI has a data solution that drives understanding and growth. Companies benefit from access to all the same tested and proven solutions offered to IRI global partners, enabling companies of all sizes to democratize data, streamline analytics and, ultimately, win in the marketplace. For more information on IRI's comprehensive portfolio of solutions specifically crafted for small and midsized brands, please contact Robert Porod at Robert.Porod@IRIworldwide.com.
IRI is a fast-growing, leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, and financial services and media companies grow their businesses. With a large repository of purchase, media, social, causal and loyalty data, all integrated into an on-demand, cloud-based technology platform, IRI is empowering the personalization revolution, helping to guide its more than 5,000 clients around the world in their quests to remain relentlessly relevant, capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.
About Ventura Foods
Based in Orange County, California, Ventura Foods LLC is a joint venture of CHS Inc. and Mitsui & Co., offering branded and private-label foodservice products, mostly in bulk quantities. The company's more than 7,000 products include margarine and butter blends, shortenings, liquid butter alternatives and pan coatings. Ventura also produces premium salad oils, mayonnaise and salad dressings under the Ventura, Hidden Valley and Marie's labels. Meat flavor bases sold under the Classic Gourmet and Chef's Pride brands are used to make soups, sauces and gravies. Ventura's Concessions product line includes "popping and topping" oils used to prepare popcorn as well as to flavor it. In terms of sheer tonnage, Ventura's highest selling product is shortening. Ventura maintains a culinary staff to develop recipes, including healthier menu items, using the company's products. The recipes are available on the company's web site, which also offers advice on how to best use Ventura products and a service called Salad Bistro, providing recipes, industry trends and merchandising tools related to salad bars and entrée salads. For more information, visit www.venturafoods.com.
Phone: +1 312-731-1782