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CHICAGO - In an effort to help manufacturers and retailers better understand how the dynamics of pricing, promotions, merchandising, assortments, and consumer behavior work interactively, market research firm IRI yesterday added two new components to its Consumer-Centric Retail Execution solution suite.
The new solutions are the IRI Customer Analytics Suite and the IRI Retail Drivers Suite.
"In today's competitive retail marketplace, the consumer experience is what separates those who get ahead from those who struggle to stay alive," said IRI president and c.e.o. Scott W. Klein. "The 'Consumer-Centric Retail Execution' solution suite from IRI helps retailers and manufacturers to get ahead by adjusting stocking levels to meet demand, improving the efficiency of store operations, planning distribution status, and understanding and optimizing sales trends."
The IRI Customer Analytics Suite is a collection of offerings that marry proprietary modeling techniques with practical business applications, according to IRI. It relies on a collaborative process to develop an integrated segmentation framework that is customized for every business.
The solution addresses behavioral segmentation, trip missions, trip opportunity, store clustering; and investment analysis, road-mapping and key performance indicators.