CHICAGO, July 15, 2020 /PRNewswire/ -- Label Insight, the product transparency market leader, today announced it has begun offering Explore Market Navigator to help consumer packaged goods (CPG) manufacturers improve the online discoverability of their products and increase sales.
According to a new report, Activating Attributes, which outlines the revenue missed by 100 leading CPG brands, sub-optimal online product discoverability is costing brands millions of dollars in lost e-commerce sales every year. As an example, the report shows General Mills' products fail to show up in over 250 million annual searches for which they qualify on Amazon alone. Those missed searches equate to almost $8 million in missed revenue.
Explore Market Navigator addresses the issue of missed e-commerce sales by enabling CPG brands to identify top e-commerce search trends, analyze competitive drivers and optimize their products. Key features include:
Real-time access to top e-commerce consumer search trends ranked by relevance to a brand's categories and products.
Side-by-side competitive product analysis to identify how competitors are capitalizing on consumer e-commerce trends.
Access to the market-leading database of 9 million on-package claims, 400,000 product ingredients and 200,000 nutrients to analyze and compare products based on top e-commerce trends. This database covers 99% of all online queries.
To support this e-commerce innovation, Label Insight has been granted U.S. Patent Nos. 10,699,284 and 10,699,280 titled "Information management system for product ingredients to fill gaps in the market and determine proper attribution" and "Ingredient management system for product ingredients that produces hybrid data offerings combining product information data and analytic data," respectively. The patents cover searching for products based upon attributes, displaying them accordingly, and combining sales data with product attributes to measure their effectiveness. In other words, the patents detail the ability to improve e-commerce search results through the use of product attribute data and measure the sales impact of those improvements.
"The recent accelerated growth of grocery e-commerce has been a major driver for the innovation we are bringing to market to help our customers better serve consumers," said Dagan Xavier, SVP of product and co-founder of Label Insight. "Explore Market Navigator is a clear manifestation of our customer-driven innovation built on the foundation of our expanding patent portfolio."
For more information on how Label Insight's Explore Market Navigator solution can support your e-commerce operations, please visit Label Insight. The full texts of the patents are available from the U.S. Patent Office.
About Label Insight Label Insight drives growth for CPG brands and grocery retailers through unparalleled product transparency. As the trusted partner of over 300 retail banners, over 5500 CPG brands, and organizations including the FDA, USDA and American Heart Association, its best-in-class product attribute data and patented data science empower companies to unlock new growth opportunities both online and in store. Label Insight covers more than 99% of all online consumer queries across over 80 percent of U.S. food, pet, and personal care products with a market-leading database of over 200,000 product nutrients, 400,000 product ingredients and 9 million product claims. For more information, visit labelinsight.com.