Research and analytics firm Nielsen on Thursday announced a strategic partnership with Ratan Tata-backed retail technology start-up SnapBizz, to provide real-time, actionable insights to the Indian FMCG (fast-moving consumer goods) sector.
The partnership will enable FMCG companies to develop new products and services based on point-of-sale (PoS) transactional data in the traditional trade environment.Digitising kirana stores
Today, traditional trade stores account for nearly 90 per cent of FMCG business in India. However, unlike organised retail, there is limited data and insights available in this space. The Nielsen-SnapBizz tie-up brings together the latter’s point-of-sale technology architecture, which is being used in 2,500 kirana stores, and Nielsen’s expertise in the retail data analytics space, aiming to leverage store-level consumer buying insights through more granular data, which is otherwise difficult due to the non-digitised nature of the kirana ecosystem in the country.
“SnapBizz will be a key strategic partner to Nielsen in the retail data space as they have a successful proof of concept that focusses on retailers’ needs and the right ingredients to help retailers modernise their business,” said Prayag Bhatia, Executive Director, Nielsen India. “The data generated using the platform will help FMCG players get unique, real-time and actionable insights on assortment, promotions, new launches performance and price efficiency based on actual consumer buying patterns. The platform also enables linkage to end consumers that will open up new levels of insights for manufacturers that have been previously impossible in the traditional trade space.”
SnapBizz CEO and founder Prem Kumar said: “This is a perfect example of bringing the experience and maturity of a large organisation and the tech-enabled innovation of a start-up like ours, for the benefit of brands and SMEs alike.”