IRI, a data analytics company serving consumer, retail and media businesses, and Banyan, a fintech infrastructure startup that connects SKU-level consumer receipt data with financial transactions, announced a partnership aimed at providing IRI’s retailer clients with a more-holistic view of consumer shopping habits and opportunities to build new revenue streams while giving consumers greater visibility into their spending.
“IRI is excited to partner with Banyan to facilitate this win-win opportunity for our retailer clients and their customers,” said IRI President of Market and Shopper Intelligence Jeremy Allen in a statement. “While many retailers have an increasingly granular view of consumer shopping behavior within their four walls and e-commerce platforms through loyalty programs and other sources, IRI will now be able to deliver a broader understanding of deidentified consumers’ total wallet spend across all channels and outlets by integrating consumer spending data from Banyan’s partners."
Allen said the partnership with Banyan "drives growth for our retailer clients in two ways: It unlocks significant marketing opportunities to meet consumers’ evolving needs by providing a more comprehensive understanding of consumer spending, and it provides retailers with opportunities to monetize their highly valuable data assets.”
Banyan’s privacy-by-design Global Receipt Data Network consists of deidentified data from transactions across more than 15,000 banks, fintech companies, merchants and consumer apps. As IRI integrates this data into its solutions, according to the companies, participating retailers will be able to gain a comprehensive view into the universe of where their customers are shopping. The insights provided can aid retailers as they work to improve consumer experiences and create more-relevant, more-effective advertisements and promotions, the statement added.
Participating retailers will also be able to monetize their point-of-sale data assets with Banyan, IRI stated.
On the consumer side, retailer participation in Banyan’s Global Receipt Data Network allows consumers to access their shopping receipts digitally and link them to the financial, wellness and fitness apps of their choice. Banyan’s privacy-by-design architecture requires consumer consent before receipts are shared.
“We operate at the nexus of privacy, consumer personalization and transparency, and this partnership with IRI will drive mutually beneficial outcomes across the CPG ecosystem,” said Banyan CEO Jehan Luth. “We look forward to working with IRI’s retailer client network, collectively representing $1.6 trillion in annual sales coverage, to support their efforts in improving customer experience, driving growth, and building consumer trust through transparent data usage.”