CHICAGO — IRI said it is leveraging a 1.5-million-member receipt panel, recently obtained through IRI’s acquisition of CoinOut, to build the most complete and accurate omnichannel offerings in market: IRI OmniMarket and IRI OmniConsumer.
Integrating receipt panel data from CoinOut — which provides coverage of all critical channels in the omnichannel universe, including beauty, pet, convenience, home improvement and on-premise — offers unparalleled insights that allow clients to truly understand the “why” behind consumer purchases.
“IRI is the only provider to merge more granular POS assets that represent actual buying behavior from virtually every household in the country with panels that can help fill in for areas where POS data is hard to collect,” said Jeremy Allen, president of Market Shopper Intelligence at IRI. “Whereas other players in the industry base their insights off a single panel of only a few hundred thousand people, IRI has a 1.5-million-member receipt panel and is committed to providing a more accurate, more representative and more granular set of insights. With our recent acquisition of CoinOut, we are better positioned to help our clients win.”
“We are thrilled to have joined the IRI team at such a critical point in the development of its omnichannel solutions,” said Jeffrey Witten, co-founder and chief executive officer of CoinOut. “Since its inception in 2016, CoinOut has been on a mission to more fully understand why consumers shop the way they do, and it is very exciting to see our platform be an integral part of such a powerful solution that leads the industry in answering that exact question.”
“Consumers are now shopping through a greater variety of channels, making it difficult for CPG manufacturers and retailers to develop a granular, comprehensive picture of what is happening in the marketplace and why,” said Sucharita Kodali, vice president and principal analyst at Forrester Research. “Solutions that integrate data from multiple sources like POS, loyalty cards and consumer panels will result in more insightful conclusions compared to a solution that relies on a single source like a receipt panel.”
OmniMarket, which is currently available to IRI clients, combines in-store and e-commerce point-of-sale (POS) data with panel data, including data from IRI’s leading E-Market Insights solution, to provide a comprehensive view of sales across all channels reported by POS data, which represents the most precise data “truth set” in the industry.
OmniConsumer integrates three unique panel datasets into a single platform to longitudinally track consumer purchase behavior across all brick-and-mortar and e-commerce channels. The OmniConsumer solution will be available for beta testing later this year and will be made fully available to all IRI clients by the end of 2021.