A 2016 study found that information on the product label alone is insufficient for most shoppers. Consumer demand for product transparency is driving significant change in the CPG industry. Product transparency leads to increased brand loyalty, market share, and perceived brand worth. In fact, nearly three-quarters of respondents say they would pay more for products offering complete transparency.
"Trust is the new currency of loyalty, and the path to trust is transparency. We call this concept 'Transparency ROI,'" explains SVP, Client Development, Angie Kimes. "Consumers want to know more than what's listed on a product's physical package. They want to know ingredient origin, farming practices, and environmental impact. Furthermore, they want to know what each ingredient is and what function it serves."
Kimes adds, "We know that shoppers invest in brands that provide full product transparency."
The SmartLabel initiative is one example of how Label Insight works with consumer packaged goods brands to provide transparency. SmartLabel, launched by the Grocery Manufacturers Association and the Food Manufacturing Institute in 2015, gives consumers a way to access more detailed food, beverage, household, pet, and personal care products information. Label Insight's turnkey solution turns a package flat into a SmartLabel page. Label Insight automatically maps all mandatory SmartLabel attributes to each product.
Label Insight also provides counsel for retailers, government agencies, consumer product technology providers, nonprofit and academic researchers, and has a strategic alliance with Nielsen, the world's leading measurement analytics company.
About Label Insight: Label Insight is a data refinery for product data that powers transparency between CPG brands, retailers and consumers. The company works to capture, analyze and enrich data contained on the packaging and labeling of food, pet, and personal care products. Label Insight's platform enables transparent, open access to accurate product information. Label Insight's platform contains more than 350,000 products, representing 80% of the top purchased CPG products in the USA today. Label Insight customers use this data to provide greater transparency to consumers; easily participate in industry and government initiatives, such as SmartLabel; create more connected omni-channel experiences; and maximize category growth potential. To learn more, visit www.labelinsight.com.
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SOURCE Label Insight