IRI and Technomic Come up with R2R Insights to Help Food Industry
CHICAGO, IL: Information Resources Incorporated (IRI), a market research company which provides clients retail market intelligence and Technomic, a market researcher for food industry, are offering a new joint service called Restaurant to Retail (R2R) Insights to give detailed view of the food industry including consumers’ retail point-of-sale (POS) data. It gives information on what some particular consumers buy and eat at major chain restaurants. This customizable and cross-channel analysis intends to strengthen the relationship between manufacturers, retailers and restaurant operators and create opportunities to increase their sales through innovation, product placement and co-promotion.
The relationship between what people buy at retail and what food includes in the menu of restaurant-seeking consumers, has been ambiguous yet. Consumer Packaged Goods (CPG) manufacturers, retailers and restaurant operators are willing to implement R2R insights to maximize their business across all occasions.
“Chain restaurants and food service organizations face similar information, analytics and marketing challenges, while also having analogous growth opportunities to food and beverage manufacturers and retailers,” says Robert I. Tomei, President, Consumer and Shopper Marketing, IRI. “Combining IRI and Technomic’s expertise and experience enables a more detailed and holistic understanding of consumer and shopper attitudes about food and beverages. By combining actual retail purchase and restaurant visitation data from the same households, we’ve created a powerful tool for both CPG and restaurant executives seeking to protect their existing business and also grow their share of total meal occasions.”
“R2R Insights opens the door to a full understanding of the patterns and correlation of what consumers buy for consumption at and away from home,” says Bob Goldin, executive vice president, Technomic. “Understanding cross-channel behavior can drive new growth strategies for industry participants.”
According to manufacturers, R2R Insights gives them the idea about what particular dish should be best fit for specific consumers. Restaurant Operators support them by adding that R2R Insights can help a restaurant’s menu innovation by observing at household retail purchases to give the idea about what new product can be created. This will reduce risk of failure of launching new products.
More than 50,000 IRI Consumer Network panelists has completed the Technomic survey on visitation frequency, meal occasion and menu detail to generate R2R Insights. It includes 23 largest limited-service chain restaurants, such as; Pizza Hut, McDonald’s, Arby’s, KFC, Baskin Robbins and Starbucks.
R2R Insights, a completely custom, collaborative analytical solution, delivers unique, strategic insights and a broader view of shopper behaviors. It gives CPG and limited-service restaurant executives liberty to strategize their collaboration and business growth.