ARLINGTON, Va., Sept. 14, 2018 /PRNewswire/ -- Challenging the $1.4 trillion dollar grocery industry, today Basket, the largest shopper-powered retail platform, announced the launch of a new Grocery Business Intelligence (GBI) tool called "Insights." Created for data-driven brands and retailers and powered by shoppers, Insights captures on shelf and promotional prices of grocery products and their competitors, and updates in real time — with information on 98% of grocery stores nationwide. This announcement is bolstered with the hiring of Pam Caffrey, a 27-year veteran of Nielsen with expertise in consumer packaged goods, as Basket's Vice President of Data Solutions.
As a recent CNN Money article explains, "...Most food manufacturers and retailers have to perform backflips for in-store grocery data." Insights is being launched in response to the upheaval in the grocery industry as retailers, and answers the need for brands and shoppers pricing data in real time. Following Basket's momentum since completing its $11 million Series A round of financing in 2017, and tripling its number of employees in its Arlington, Va.-based headquarters in 90 days, the business platform comes to market with a near total retail coverage across the U.S., including traditional grocery stores, ecommerce, mass-discounters and pharmacies.
Insights visualizes pricing for brand partners' products and their competitors' products, providing updates on-demand, in real-time, based on data obtained directly from shoppers. With hundreds of thousands of shoppers powering Basket's pricing, Insights also maintains a 1.2 million product database and allows access to Basket's nearly 20 billion historical prices.
Neil Kataria, Basket's co-founder and CEO, explains, "We founded Basket to give real-time grocery pricing access to everyone, and that means shoppers and brands alike. Insights is integral to that mission, and is based on the notion that our shoppers provide brands and retailers with the ultimate truth in pricing. We see what shoppers see and that's the most important view."
Eleven brands participated in the beta launch of Insights over the summer, including Chloe's, a frozen fruit pop brand that has expanded into 10,000 stores since its launch in 2014. Says Michael Sloan, the CEO and Co-Founder, "With the help of Insights, Chloe's has become one of the fastest-growing frozen novelty brands in the U.S. We've seen invaluable intelligence into promotions and pricing for Chloe's and our competitors, allowing us to achieve the best possible pricing for our consumers."
To maximize Basket's investment in their B2B retail pricing intelligence, Kataria also announced that Pam Caffrey will be joining Basket to bring the next level of research and discovery to Basket's growing number of Insights partners. Caffrey's background spans work across numerous consumer packaged goods brands across North America, offering another powerful lens to the platform. "I believe that Basket is on the cutting edge," says Caffrey, "Understanding how and why consumers make decisions to shop in one store versus another is extremely valuable to both manufacturers and retailers."
"We are thrilled to welcome Pam to Basket, not only for her tremendous knowledge and network she built while at Nielsen, but also for her passion to move data intelligence forward in the consumer goods industry. Pam will be a part of the breakthrough for brands who are looking to move at the speed of 'now,'" said Andy Ellwood, co-founder and President of Basket.
- Coverage across 98% of grocery retailers online and offline
- Database of historical pricing for national, private label and store brands
- Customization of data based on the exact store and category, including stores that don't participate in other syndicated data services
- Comprehensive price and trade marketing intelligence on demand
- Special missions and in-store audits and through Basket Commerce Moderators nationwide
Founded in 2014, Basket is powered by the largest community of shoppers in the world and believes everyone should have access to real-time pricing information. For shoppers, as well as brands and retailers, Basket is leading the way in grocery transparency and accessibility.