Centricity’s cloud-based customer analytics platform leverages AI and machine learning algorithms to generate actionable customer insights—identifying whether consumers are interested in buying a product or not, across geographies and demography, which the company refers to as “consumer intent.” Centricity aims to provide real-time, forward-looking and actionable insights into consumer behavior to help retail category managers and manufacturers improve their decision-making mechanism.
CPG manufacturers are under increasing pressure to move beyond traditional analysis of shopper behavior, and although they may be emphasizing the importance of results-driven collaboration with their retailers, there are multiple challenges that still remain. The biggest challenge that plagues the industry is the lack of trust and collaboration between manufacturers and retailers, which keeps the data-driven collaboration capped at all times.
In order to innovate for meeting the needs of tomorrow’s shopper, manufacturers need a holistic view of the shopper. For creating an impact, CPG manufacturers need to look beyond how consumers behave at individual stores— they need to leverage cross-retailer, real-time shopper data to understand what shopper preferences. However, there are persistent hindrances, such as lack of skilled workforce, that limit the ability of manufacturers to find insights from large amounts of unstructured data.
Centricity’s platform can benefit manufacturers by allowing them to understand the changing shopper preferences in real-time, by leveraging multiple data sources. This information will allow manufacturers to invest their resources in what will actually sell, not what they believe will sell. This has a direct impact on manufacturers’ R&D decisions and allowing them to uncover exclusive market trends and invest in the right product to reduce overall supply chain costs.
Centricity’s platform can help retail category managers simplify their decision- making process and help align supply with consumer demand. Retailers are often under a fix when deciding on what brand to carry, types of promotions, and the overall product assortment. This is primarily down to limited information on what Centricity refers to as “intent data,” data points that build a forward-looking picture of consumer demand and preferences.
Centricity’s platform enables retail category managers to foresee disruptions before they occur and be at the forefront of innovation by carrying the right quantity of the right products at the right stores. Retailers can benefit from micro-market-level insights, which can help merchandising teams to localize their product assortment. Another key benefit for retailers is that the time saved can be channeled towards other relevant tasks such as planogram compliance.
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