Oct. 21, 2013
/PRNewswire/ -- InfoScout, a mobile-focused retail market research provider, today launched the free public beta of
, a free analytics dashboard showcasing consumer insights collected from 125,000+ panelists who represent a "mini-America."
These panelists use InfoScout's smartphone apps,
, to submit pictures of receipts from 40,000 shopping trips per day and answer trip-specific surveys about items they've purchased. InfoScout's patent-pending technology then converts the receipt images and survey responses into rich purchase data associated with products and retailers. Via this data, retailers can understand purchasing decisions at the household level and gain better insight into both the demographic and psychographic profiles of their customers. The service draws parallels to the scale and depth of online user analytics, and delivers the same transparency and understanding of consumers in offline retail.
Key Customers and Growth Metrics
Procter & Gamble, Nestle, Unilever, Kraft and PepsiCo are among InfoScout's first customers leveraging panel analytics for a broad array of use cases, such as measuring real-time market share by geo-demographic, monitoring new product launches as they happen, and gathering consumer feedback immediately after people buy and consume specific products. The size of the panel has grown 125% over the last quarter and 5-fold in the past year.
"Nearly two-thirds of adults in America have a smartphone that they take with them everywhere they go. That proliferation of mobile fundamentally changes marketing and the ways in which brands and retailers can understand and engage consumers, but the market research industry has struggled to keep up," said
, InfoScout's co-founder & CTO. "InfoScout's technology, coupled with the opportunities mobile creates, will allow us to enhance and change the current state of retail market research and bring more valuable insights to brands."
InfoScout's Vision and Technology Excites Investors
InfoScout's vision and traction has also resonated with investors. Bain Capital Ventures, Founder Collective, and dunnhumby Ventures have contributed to the company's
Series A round. According to
of dunnhumby Ventures, "We're excited by the opportunity to help InfoScout bring the advanced capabilities of the web analytics industry to real-world brick-and-mortar retail. The comprehensive scale of their data and freemium business model will be completely disruptive to the retail market research industry as we know it."
"The launch of InfoScout.co ushers in a new era of transparency in the retail industry," said
, InfoScout's co-founder & CEO. "An era in which shopper insights are no longer locked-up behind multi-year, multi-million dollar contracts with keys handed to just a select few. From now on, this data is freely available to anyone with an internet connection."
InfoScout's real-world analytics make brands better marketers by providing the industry's largest, richest & most actionable source of household purchase information, by item, across all retailers. The company's proprietary consumer panel, launched in the summer of 2012, is designed from the ground-up to provide marketers with a broader and more representative 'mini-America' while enabling deeper dives into specific subsets of the population than traditional panels support. Leading consumer goods companies such as Procter & Gamble, Nestle & Unilever leverage InfoScout's data and analytics to measure and improve market share, brand loyalty and the success of new product launches through a better understanding the 'why behind the buy.'