Market research firm IRI has added the floral category to its scope of fresh department data measurements in an effort to provide retailers and manufacturers a total store view of consumer and shopper marketing capabilities.
The Chicago-based company is integrating both fixed and random-weight floral data to its perimeter measurement service, which currently includes produce, deli, bakery, meat and seafood.
The data is available via the IRI Liquid Data and Unify visualization platform, an integrated end-to-end consumer planning-to-activation solution designed to help retailers identify competitive assortment opportunities and better understand price and promotion trends. The addition of floral data aims to also help floral growers leverage never-before-seen market intelligence to capitalize on growing market trends and help make more precise recommendations of what to sell and at what price, and when to promote it to their customers.
“Floral and fresh perimeter are clearly helping drive growth, so all CPG manufacturers and retailers will benefit from having a view of the store the way a shopper sees it, not just a limited view based on traditional UPC codes,” said Piyush Chaudhari, president of the Americas for IRI. “This will truly unlock total store insights and provide consumers with the best shopping experience possible.”
One of the fastest-growing departments in the store, floral has seen sales increase by an average of 5% annually over the past five years, according to IRI, compared to an average increase of 3% for other fresh perimeter departments, and an average increase of 1% for center store.