Nielsen and Trax, a leading provider of computer vision solutions for retail, have announced a new technology aimed at enhancing the way U.S. manufacturers and retailers use computer vision to keep track of products. Teaming up with marketing service provider Acosta, the firms said the Trax-Nielsen Shelf Intelligence Suite enables consumer packaged goods manufacturers to anticipate the impact of shelf conditions on sales.
Trax uses machine learning and internet of things platforms to help brands to improve in-store execution strategies. Specifically, Trax’s technology uses photography of retail shelf space to help alert CPG vendors of sales in real time.
Combined with Acosta’s in-store image and data collection capabilities and Nielsen’s point-of-sale purchase data and analytics services, the partnership offers usable, comprehensive information, the firms said. The Shelf Intelligence Suite provides data on competitive sales volumes and market share; insights on distribution; and the effectiveness of pricing, merchandising and promotion.
Executives for the partner companies say that the alliance provides grocery retailers and CPG firms with better insights than previously available, and a cutting-edge way to improve strategy, retail execution and category planning.
“Today’s brands and retailers come in all shapes and sizes, but in order to succeed they all need a strong awareness of what’s selling, what isn’t and why,” Jeanne Danubio, president of Nielsen Connect North America, said in a release. “With the continued evolution of the CPG industry, product visibility needs to be equally dynamic. Our expanded, tech-forward alliance with Trax gives brands the tools they need to predict shelf influence on the bottom line.”
“Today’s CPG brands desire every available insight to make the most of the store shelf, however, what we offer goes beyond data deluge, delivering (an) unparalleled speed of execution without compromising on the granularity in our insights,” added Trax Chief Commercial Officer Dror Feldheim. “Our expanded suite of offerings with Nielsen combines the best of both worlds: our innovative computer vision platform and crowd capabilities and Nielsen’s vast product reference data, empowering the industry with every available insight to optimize and refine shelf conditions.”