Nielsen, the consumer information giant, calls the willingness of most retailers to pass on their data “the information-sharing model” and expresses pleasure that Walmart is back in the game. As the largest retailer in the world, Walmart has a wealth of information. Combining the two sets of data, both parties say, will give greater accuracy to the retail information and analyses used in market research.
What’s in It for Walmart?
Walmart was a trailblazer when the company opened up data to suppliers with Retail Link, a proprietary software system that allows manufacturers to see just how and where their products are performing. With training, vendors can tailor their product development and placement to meet the demands of the market.
Until recently, though, vendors could only see their own data, not that of competitors. With the new data share, we’re told, suppliers will see even more information.
When Walmart first opened this data to its suppliers, industry voices were shocked. Walmart said that empowering suppliers would benefit everyone. They were right. With this move, Walmart expects to be better able to identify unmet needs.
One thing is sure: this increased pool of data will require even deeper analytic skills to mine actionable information. Sign up for 8th & Walton’s analytic training to get the most from the new opportunities ahead.