NEW YORK – Nielsen announced a new Retail Pricing Analytics application tool available on Nielsen Global Connect. The tool uses artificial intelligence modules to help retailers enact, adjust and track pricing and promotion strategies.
The coronavirus (COVID-19) pandemic has driven inflation across 80% of Nielsen’s measured product categories in the United States. The new pricing tool provides summaries of the impact of implemented changes on overall categories and provides data on item performance.
Through one portal the new analytics tool tracks and segments pricing by market, defines key value items for price adjustment opportunities, implements and manages in-market execution and quantifies return on invest from everyday price changes and promotions.
“Price and promotion are the largest drivers of store choice among consumers, according to Nielsen’s Store Choice Drivers Survey, yet retailers continue to make price and promotion changes based on incomplete data from costly, slow and incomplete audits of competitive strategies,” said Morgan Seybert, managing director of US Analytics for Nielsen.
“Retail Pricing Analytics differentiates itself from the market through easy-to-use software that solves the complete end-to-end pricing process—from strategy to execution to in-market tracking. We are using the power of the Nielsen Connect platform to provide retailers with the essential intelligence and analytics to identify, predict and activate on key business decisions, and help them scale their decision-making with their suppliers.”