Quri Announces Annual Company Milestones; Unveils 2016 trend predictions for CPGs in 2016
Industry leader in Retail Intelligence Technology achieves over 400% revenue growth in past two years; Now delivers in-store merchandising data and insights to over 50% of the top 100 CPG companies in the U.S.
SAN FRANCISCO, Feb. 1, 2016 /PRNewswire/ -- Quri, the market leader in Retail Intelligence Technology, today announced a series of milestones in 2015 that helped support accelerated growth of the company which concluded the strongest year of growth in the company's history. To kick off 2016, the company also highlights emerging retail trends that will impact CPGs this year.
Quri experienced the following milestones in 2015:
- Quri raised $17 million in Series C funding enabling the company to increase technology development and accelerate sales and service expansion across several U.S. markets including New York City, Chicago, Cincinnati, Denver, and Atlanta.
- After launching in 2012, revenue has grown over 400% in the past two years. Quri now delivers in-store merchandising data and insights to more than 50% of the top 100 CPG manufacturers in the U.S. In 2015, Quri achieved preferred vendor status for several of them.
- Quri unveiled the Quri Academy, an industry education initiative for CPG manufacturers to help ease the adoption and accelerate the return on investment of Retail Intelligence Technology, identifying a $33.5 billion dollar incremental sales opportunity in display promotion planning annually for brands who leverage the published best practices.
- Quri quantified in-store merchandising with 1.3 million store visits in two years on December 13th, 2015 spanning 100,000 unique stores mainly in the mass merchandising, grocery, drug, convenience store, and dollar store channels.
- To support the company's expansion, Quri added new talent to its executive ranks. David Gottlieb, formerly with Netezza (now an IBM company), and Oracle Retail leads Quri's Sales & Customer Success teams. In addition, James Lamberti, formerly with comScore, InMobi, Clorox, and IRI leads the company's Marketing team.
Although there are plenty of trends that are driving transformation in the CPG industry, Justin Behar, CEO of Quri highlights three key CPG trends that will impact the retail industry in 2016:
- Major Focus on Changing Millennial Preferences. Major CPG players are looking to millennials to revive their brands, and vying for mindshare and brand share among these more food-savvy consumers who represent their future. For example, according to a recent infographic from Facebook IQ, compared to boomers, millennials are 1.3x more likely to eat organic foods regularly. Gaining the trust of this powerful economic segment will be key to the future of many brands.
- In-Store Mobile Technology Moves from Innovator to Early Adopter Status. Mobile technology has been an interesting side-show for CPG brands for several years, but this year it will graduate from innovator to early adopter stage. For example, eMarketer's June 2015 report last year on CPGs and mobile marketing stated that CPG mobile ad campaigns are driving $500,000 in in-store sales on average. While this is less than 1% of total annual sales today, we predict mobile's presence in the retail environment will increase rapidly resulting in in-store interactions with consumers via advertising, shopping lists, mobile applications, digital couponing, and in-store re-targeting. All of these tactics will become more common and take us closer to mainstream as an advertising and promotion technique.
- Retail Intelligence Technology. As evidenced by Quri's rapid growth, brands saw the rise of Retail Intelligence Technology in 2015, and will continue to see it throughout 2016 by ushering in an evolution in merchandising optimization for the CPG world. Analysis released in October 2015 via the Quri Academy estimates a USD $33.5 billion opportunity exists in display promotion planning alone. The innovation lies in the ongoing measurement of in-store, at the shelf conditions like price, promotion, and on-shelf availability to help drive sales, reduce cost, and fix issues both on a daily basis, and on a systemic basis during the merchandising planning cycle. This year, the emergence of ongoing quantitative data from the point of purchase will drive vastly improved merchandising planning and resource management.
"Quri is now working with more than 50% of the top 100 CPG clients due to our proven ability to unlock growth and profit in the industry through performance driven merchandising," said Justin Behar, CEO of Quri. "Our powerful data and insights allow brands to make fundamental improvements to their merchandising efforts across all aspects of the merchandising cycle including planning, execution, and hindsight analysis. Reflecting on our achievements in 2015, and what we have planned in the future, I'm excited for the industry to see continued momentum and growth with this new capability emerging."
About Quri
Quri is the market leader in Retail Intelligence Technology, transforming retail execution by providing real-time, store-level visibility into the performance of products and promotions in 150,000 retail locations across 6,000 cities. Procter & Gamble, Heineken, Unilever, Kraft-Heinz, Nestlé, Johnson & Johnson, Tyson and 100 other global companies rely on Quri to help optimize the $4 trillion dollars spent annually on retail go-to-market and merchandising. Quri is powered by an innovative combination of big data analytics fed through mobile technology used by an on-demand retail workforce. For more information, visit http://quri.com.
Media Contact: North 6th Agency, Inc. (For Quri)
212-334-9753, [email protected]
SOURCE Quri
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