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Target is the first U.S. retailer to deploy a new technology solution that aims to improve the way retailers source consumer packaged goods and modernize the way trading partners bring products to market.
The online CPG platform from RangeMe allows buyers to quickly hone relevant products through an online shopping-like experience. It instantly helps suppliers uniquely promote their products and get on shelves in less time, according to the company.
“Retail buyers seek to deliver a compelling product mix that shoppers love, while they also must stay on top of ever-evolving consumer trends,” said Rachael Vegas, VP, grocery merchandising for Target. “Target is excited to partner with RangeMe to streamline the product discovery process.”
The solution enhances the way buyers and suppliers meet, share products and do business, according to Nicky Jackson, CEO and founder of RangeMe. “Our online platform injects efficiency and effectiveness into the product discovery process, ultimately helping buyers and suppliers gain competitive advantages in the marketplace.”
Leveraging web and mobile interfaces, suppliers upload their products with supporting information such as a pitch video, pricing and photos, and buyers are instantly notified about products that match their criteria. An algorithm matches products to the right buyers while providing suppliers with updates on interest from retailers and insight on how to tailor their product more effectively.
RangeMe piloted the platform in Australia with five grocery and six drug store retailers. The pilot saw success with regular use by retailers and more than 12,000 product reviews conducted on the platform.