Retail intelligence company Quri Inc. on Wednesday announced the availability of Impact aimed at measuring the performance of in-store promotions for consumer packaged goods (CPG) retailers.
Impact performs real-time analysis of store conditions data — location, merchandizing, and inventory — and combines it with Quri-generated crowd-sourced data calculates sale lift and return on investment for each promotion, according to the company. This allows retail managers to monitor and review each promotion’s performance and adjust underperforming promotions.
While in-store retail has suffered at the hands of online commerce in many product categories, 70 per cent of retail purchase decisions are made in-store, according to Quri. The company says it’s applying e-commerce-style analytics in a brick-and-mortar environment to leverage both store-generated data and and information from an on-demand network of consumers collecting data for a platform that brings insight into a promotion’s performance.
“We kept retail execution managers’ specific promotional execution needs in mind when we created Impact,” said Quri co-founder and CEO Justin Behar in a statement. “This is the only solution that marries crowd-sourced and in-store data to provide analysis and instructive insight to positively impact the successful execution of a promotion.”
He said Impact “dramatically” increases brands’ visibility into their promotional spend.
Impact also allows retailers and brands to monitor and analyze a product’s promotional performance history by channel, vehicle and geography, using proprietary algorithms, according to the San Francisco-based company. This allows brands and retailers to plan trade-spend allocation in the long-term, the company says.
Impact will be available for the 2014 holiday season, when promotional performance is critical to maximize retailers’ busiest quarter.