Coles has partnered with leading global market analytics provider IRI to provide suppliers with an unprecedented level of insight into customer needs, utilising data from more than 2,500 supermarkets, Coles Express convenience and Coles Liquor stores.
Coles last year named IRI as the sole provider of scan data and analysis drawn from all Coles businesses, providing subscribing suppliers with sales data for their products and the categories in which they operate, to help them plan for their business and identify growth opportunities.
As part of this partnership, Coles is now launching Coles Synergy, a new data analytics tool utilising IRI’s Liquid Data platform (ILD), which is used by major international retailers including Morrisons, Waitrose and Boots in the UK, Kroger and Albertsons in the US, Sobey’s in Canada and Conad in Italy.
Designed specifically for the retail and FMCG sector, ILD enables IRI clients to integrate multiple data assets including market, consumer, customer and supply chain.
Coles Synergy will provide suppliers with fast and detailed insights across products, stores, geographies and sales channels, allowing them to better understand customer needs and collaborate more closely with Coles on strategic initiatives.
As part of its strategy to inspire customers through best value food and drink solutions to make lives easier, Coles utilises insights drawn from more than 1 billion customer transactions per year to inform key operational decisions including changes to product ranges, demand forecasting and promotions.
Coles Chief Executive Commercial and Express Greg Davis said the insights available through Coles Synergy would allow suppliers to grow their businesses with Coles, through a shared obsession with understanding and meeting customer needs.
“Coles Synergy will allow suppliers to view all relevant market insights across our business, using the same measures that we use within Coles,” said Davis.
“Having a common understanding of the market will make joint business planning easier and foster deeper relationships so we can work together to bring innovative products and great value to our customers.”
“We are proud to be expanding our relationship with Coles and working with them to better understand their customers in a changing market," said Paul Hinds, Managing Director for Asia Pacific at IRI.
“The strategic partnership with Coles builds on our ongoing momentum within the retail and FMCG sectors both locally and globally. This, together with IRI’s extensive experience in understanding the Australian shopper and the grocery landscape, will help Coles and its supplier partners attain an enhanced understanding of the Coles customer and win together.”