RangeMe has rolled out a platform that it said streamlines new product discovery between suppliers and retailers by providing exclusive retail buying trends before the products come to market.
Industry Insights helps match up suppliers with retail buyers by filling in the data gap as most product trend insight is based on point-of-sale data from consumers ,while RangeMe provides information into what retailers are looking for months before product innovations appear on shelves.
The platform will help suppliers make the most of the opportunities available to them by providing the insight needed to better position their products to buyers and make the correct decisions when it comes to aspects such as product size or pricing.
Nicky Jackson, founder and CEO of RangeMe, said the "real-time view" Industry Insights gives suppliers an "inside track into what buyers are showing interest in" on the platform.
“This is a cardinal addition to the platform, touching all areas of the consumer packaged goods industry, and will further revolutionize the way new products are sourced, ultimately improving how consumer needs are met," Jackson affirmed.
As such, platform subscribers are given access to information on important product performance factors such as margins, MSRPs, packaging, available certifications, and search terms that help products get noticed.
“Analyzing trends and buyer behavior has been the traditional way of tackling new product development,” Jackson noted. “But with this breakthrough methodology, we’re adding another, incredibly in-depth layer to the process that can only help suppliers excel in their strategic decisions.”
Indeed, the platform is positioned to help suppliers understand what retailers want in a product before they even meet with potential buyers, according to Danielle DeWolf, director of sales and marketing for Industry Insights user SprinJene Natural Toothpastes.
“As we think about how we’re going to position ourselves while we’re pitching our product, I look at Industry Insights as part of my process before I meet with buyers," she said. "I especially pay attention to the trending buyer search terms and certifications because those can shift frequently. I want to make sure we are engaging those terms thoughtfully when meeting with buyers, because we know they’re already on buyers’ minds.”