NEW DELHI: Research and analytics firm Nielsen and retail technology provider SnapBizz have inked a strategic partnership under which the two will team up to develop new products and services for retailers and companies in the traditional trade space.
The partnership will involve Nielsen collaborating with SnapBizz to capture store level data at point of sale and detailed consumer buying insights for the country’s fragmented but vast traditional trade, officials representing both firms 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’s a lot of transactional, digital data available for ecommerce and modern trade, invoice data for small and medium retailers has largely remained a closed box,” Nielsen India executive director Prayag Bhatia said.
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 e-commerce, traditional trade continues to account for the majority 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 firms said.
“The partnership will enable unorganised kirana store owners to drive business decisions based on data. Traditional trade will continue to play a very significant role for the country’s retail landscape.” Kumar added.
SnapBizz said it has a presence in over 2,500 stores and plans to scale up to over 10,000 stores across multiple cities.