Coles has expanded its partnership with market analytics provider IRI to provide suppliers with insight into customer needs with the launch of data analytics tool Coles Synergy.
Coles Synergy will provide suppliers with insights across products, stores, geographies and sales channels, allowing them to better understand customer needs and collaborate more closely with Coles on strategic initiatives.
These insights will be drawn from more than 2,500 Coles supermarkets, liquor stores and Coles Express convenience stores.
This new tool uses IRI Liquid Data platform (ILD) which is designed specifically for the retail and FMCG sector, allowing IRI clients to integrate multiple data assets including market, consumer, customer and supply chain.
The supermarket already uses 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.
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.
Greg Davis, Coles Chief Executive Commercial and Express 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.
“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.”
Paul Hinds, Managing Director for Asia Pacific at IRI said, “We are proud to be expanding our relationship with Coles and working with them to better understand their customers in a changing market.”
“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.”