Research and analytics firm Nielsen and retail technology provider SnapBizz have entered into a strategic partnership to develop new products and services for retailers and companies in traditional trade.
The New York City headquartered multinational firm will collaborate with Bengaluru-based SnapBizz to capture store-level data at points of sale and detailed consumer buying insights across India’s vast and fragmented traditional trade, executives said.
“Access to granular data is an opportunity for companies to optimise their go-to-market efforts in traditional trade – often considered a black box. While there is a lot of transactional, digital data available for e-commerce and modern trade, invoice data for small and medium retailers has largely remained a closed box,” said Nielsen India executive director Prayag Bhatia.
SnapBizz chief executive and founder Prem Kumar said: “The partnership will give kirana stores a competitive edge, drive digital inclusion of small and medium businesses, and skill people at bottom of the pyramid in the retail universe.”
Despite heightened competition from channels such as modern trade and ecommerce, traditional trade continues to account for as much as 90% of the country’s fast-moving consumer goods business. Bhatia said the partnership will help traditional retailers modernise their business in a competitive environment.
The partnership will provide store-level consumer buying insights through granular data on real-time promotions, launches, performance, price efficiency, displays and assortment based on consumer buying patterns, which has otherwise been impossible because of the non-digitised nature of the kirana ecosystem, the executives said.