CHICAGO — Trax, the leading provider of computer vision solutions for retail, and IRI, a global leader in innovative solutions and services for consumer, retail and media companies, have formed an alliance that provides consumer packaged goods manufacturers with greater insights for better and faster in-store execution and analytics.
The alliance combines Trax’s leading artificial-intelligence-based computer vision and machine learning technology, which digitizes in-store shelf placement and display execution, with IRI’s point of sale, shopper loyalty and household panel data. Access to these key in-store metrics enables CPGs to evaluate the quality of their execution in terms of assortment, merchandising stability, consistency of shelf execution and their relation to sales in every store. Improving execution and shelf strategies have seen portfolio growth of 3 to 5 percent and help drive better brand presence in-store.
Combining Trax with the industry-leading IRI Liquid Data technology platform delivers intelligent in-store execution through AI-powered data collection and analytical insights. By capturing images of retail shelves, Trax’s Retail Execution Solution provides in-store execution data helps lead to significant insights integrated with the IRI Liquid Data platform. IRI’s platform is one of the largest and most unique purchase, media and causal big data platform of its kind, with hundreds of integrated data sets offering end-to-end consumer insights to activation.
Joel Bar-El, chief executive officer and co-founder of Trax, said: “This alliance brings CPGs a new level of data granularity and enables clients to be more agile in understanding their execution impact at a store level granularity not available before. IRI is extremely well known within the industry for the level of insights it delivers to their clients, and we look forward to working closely with the company to develop smarter retail execution strategies.”
Baljit Dail, president of IRI Global, said, “CPG manufacturers make significant investments in in-store merchandising, often allocating more than 25 percent of sales to trade and merchandising support costs. Trax’s unique AI technology to digitize the shelf, combined with IRI’s POS and shopper data insights, can give CPG manufacturers continuous shelf visibility and proof of execution to ensure a strong ROI on their trade and merchandising investments. This is another significant step in our efforts to continue driving AI leadership by launching new solutions and partnering with best-of-breed companies like Trax.”
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