Available through the cloud-nativeNielsen Connect platform, the application integrates Nielsen’s price intelligence data with machine learning algorithms to help retailers create, manage, and improve pricing and promotion strategies, according to the company.
As outlined in the release, the application:
- Provides detailed summaries of the impact of implemented pricing changes (on the overall category, not just a single item) and item performance detail. This enables retailers to better understand margin impact.
- Features embedded AI dashboards that mine billions of data points to identify logical price changes for ongoing execution.
- Guides retailers through every phase of end-to-end pricing. It has the capability to track and segment competitive price tracking by market, define key value items (KVIs) for price adjustment opportunities, implement and manage in-market execution and quantify return on investment (ROI) from everyday price changes and promotions.
Nieslen reported that more than 60 consumer packaged goods (CPG) retailers in the U.S., including Associated Wholesale Grocers, Inc. (AWG), Coborn’s, Smart & Final, ReFuel, Weis Markets, and NPC, are utilizing the application to inform their strategic pricing decisions, and retailers are running updated reports every 43 seconds.
“Nielsen is a pivotal partner of Weis’s pricing strategy," said Richard Gunn, SVP of Weis Merchandising and Marketing, Weis Markets, in the release. "Nielsen supports Weis’s mission to provide value to our customers and differentiate in a competitive marketplace. Our merchant team is equipped with insights to react and monitor our strategic initiatives.”