Data Firms Offer Insights on Dining Purchases
IRI, which creates innovative solutions and services for consumer, retail, and over-the-counter healthcare companies, announced today a new, exclusive alliance with GuestMetrics, known for capturing point-of-sale data virtually anywhere people consume a product on premise, particularly in the bar, restaurant, foodservice, and hospitality sectors. IRI is also taking an equity position in the company.
"Our alliance and investment in GuestMetrics furthers the IRI strategy of helping manufacturers and retailers gain new levels of knowledge about how people research, shop, and consume food and beverage products everywhere—from bars to restaurants [and] homes," says Piyush Chaudhari, president of the Americas, IRI. "We believe integrating GuestMetrics' data in the restaurant and food service space with IRI data will enable CPG decision makers to drive growth of their brands everywhere they are sold."
Through this alliance, IRI clients will have the opportunity to access data on consumer purchases made on premise, such as food purchased and consumed at a restaurant. This data will be integrated with the existing IRI off-premise purchase information for food and beverage products purchased at grocery stores, mass merchandisers, and other retailers, and consumed at home. Marketers can study the impact of on-premise sales on off-premise purchase behavior, and more effectively coordinate activities to maximize the opportunities within both channels.
The GuestMetrics alliance and investment joins several recent IRI initiatives to integrate a wider range of shopper data. In February, IRI announced it is collaborating with Technomic to produce Restaurant to Retail (R2R) Insights, a new joint service offering that integrates shopper habits at retail with spending patterns at major chain restaurants.
"Manufacturers are aggressively moving their brands on premise, creating new, exciting opportunities to spark off-premise sales and market share lift," says Bill Pecoriello, chief executive officer, GuestMetrics. "We hope that together with IRI, our data combined will help give all customers better insights so they can maximize their understanding of their shoppers as they roll out new products."