IRI: Leveraging Technology and Experience to Harbor Innovation in the Retail Industry
The retail industry has always had a strong market owing to the ever increasing demand of the various commodities it provided. But the dynamic shifts in consumer needs over the years and the growing competition posed several hurdles for retailers in the 70s. Realizing the exigency for retail intelligence, two enthusiasts and research entrepreneurs John Malec and Gerry Eskin laid the foundation of Information Resources, Inc (IRI™) in 1979, headquartered at Chicago, Illinois.
The founding years were challenging for the entrepreneur duo as the concept of measuring market trends and tactics, studying consumer behavior and analyzing it with market output was very new and unique. Initially, during the late 1970s, stores and chains were not equipped with scanning devices at check-outs, so IRI had to install the experimental scanners at its own expense. Keeping product, price, promotion and place (the 4 Ps) as the basics, IRI has been helping clients with joint-business planning by leveraging media, shopper, e-commerce and POS data to target, activate and measure growth.
IRI has pioneered several revolutionary innovations since its inception. One of the company’s first innovations was Behavior Scan, which was introduced in 1980 to study and analyze consumer behavior by constantly relaying commercials to shoppers’ television sets, and then tracking if it resonated with the shoppers at check-out lanes. In 1987, IRI came up with yet another ground-breaking innovation called InfoScan, the first national based POS tracking service. Today, the expert team at IRI continues to leverage POS data and provides end –to-end solutions in Market and Performance Strategy, Consumer and Shopper Intelligence, Analytics and In-market Execution, Media and Technology by conducting primary researches, surveys using the POS scanner and IRI Consumer Network TM in addition to analyzing the data through advanced analytics. IRI helps retailers and chains develop their marketing strategies based on the meticulous reports and analysis.
on the meticulous
Andrew Appel, CEO
IRI has come up with a multitude of innovative solutions in retail intelligence, such as the IRI Shopper Marketing Cloud™, which is the world’s largest integrated consumer, purchase and media data set, providing fast and easy access to comprehensive data that fully links media to store-level or online purchase as well as prescriptive analytics for comprehensive planning, targeting, activating and measuring for the clients. The new IRI Private Cloud™ is another breath-taking service in a platform that can be customized, embedded and integrated into the clients’ own systems, behind their firewalls. Adding to the list of innovations is the Q-IRI™, a new prescriptive analytics tool, which will pinpoint growth opportunities, calculate the value of various actions and prioritize recommendations for marketing, sales and strategy and merchandizing professionals across a variety of industries.
Over the past three and a half decades, IRI has become the leading retail intelligence services provider with a clientele of 2,000 consumers, covering 95 percent of consumer packaged goods (CPG), retail and health and beauty companies. Its unique and revolutionary innovations coupled with its groundbreaking achievements have played a crucial role in making IRI a global brand. The credibility it has earned in the past three decades has prompted some of the biggest names related to shoppers and shopping experience like comScore, Rentrak and Oracle Social Cloud to partner with IRI. IRI continues to work toward making the dynamics of retail reach its zenith.