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eRetail Data: Changing Food Market Research

January 31, 20247 min
Wesley Allan photo
Wesley Allan Tastewise
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In the rapidly evolving retail landscape, mere observation of in-store sales won’t cut it anymore. With the surge in online shopping becoming a more pressing concern post-pandemic, eRetail data is now an absolute necessity for effective market and sales research and development. eRetail data provides an entirely new set of preferences, standards, and products. If your company isn’t utilizing eRetail data insights, you could be missing out on a massive food market research opportunity. This is why we are excited to announce that the Tastewise platform is expanding.

What is eRetail?

eRetail, also known as electronic retail, refers to the buying and selling of goods and services through the internet. It is a type of e-commerce that has seen tremendous growth in recent years due to the rise of online shopping.

E-retailers can range from small, independent businesses to large corporations with well-established online presence. With eRetail, customers can browse and purchase products online from the comfort of their own home, making it a convenient and time-saving option for many consumers.

in the food market, eRetail has become increasingly popular as consumers are turning to online platforms for their grocery shopping. With the convenience of having groceries delivered to their doorstep and the ability to browse a wide range of products from different retailers, it’s no surprise that eRetail in the food market is on the rise.

Apart from convenience, eRetail also offers customers competitive pricing and access to a larger variety of products. Unlike traditional brick-and-mortar stores, e-retailers do not have the same overhead costs and can therefore offer lower prices to their customers.

Additionally, with a larger online presence, e-retailers can stock a wider range of products, giving consumers more options to choose from.

Our eRetail Data for Effective Food Market Research

To keep our customers on the cutting edge of the food and beverage industry, our platform is incorporating the ever-growing eRetail space to maximize their understanding of online product performance and consumer sentiment. This move is crucial for maximizing your understanding of online product performance and consumer sentiment. This innovative solution provides a full 360 view of the consumer journey, capturing behaviors and preferences at every stage from diverse data sources. As a result, this solution simplifies decision-making for brands, offering a streamlined and holistic approach to data analysis.

How Will eRetail Data Affect Your Brand?

In the dynamic world of consumer goods, you need to have a complete view of the consumer at every touchpoint. Being the first to offer such a comprehensive perspective positions your brand as a thought leader, paving the way for more informed business decisions. With eRetail data, you get to understand your product’s online performance in real-time and isolate untapped marketing or innovation opportunities. You can enhance searches, isolating specific attributes like best sellers or shopper’s choice, meaning the products that are currently selling well, and the products that perform consistently well, respectively. This allows you to determine what changes you need to make to enhance your product’s position within its category or maintain your product’s status through a changing market. Traditional retail data doesn’t always give the full picture of what customers go through. But with eRetail shelf data, brands can connect the dots and understand how products are doing online, how visible they are, and what competitors are doing. It’s like having a super-powered retail radar, giving brands a clear view of the shopping scene. To ensure our customers get the full 360 view of what is happening on their shelves, the eRetail data on the Tastewise platform allows brands to understand online product performance, how brands are perceived on social media, uses in home cooking, and visibility on menus with greater accuracy than ever before.

How Will It Be Introduced to the Tastewise Platform?

Detailed Viewing and Searching

Introducing eRetail data on the Tastewise platform brings detailed viewing and searching capabilities. Brands can explore online product performance, visibility, and competitor positioning with a previously unavailable granularity level. Our data extends beyond a basic understanding of products and product descriptions, delving further into consumer needs and packaging claim opportunities to further enhance innovative decision-making and execution.

Review Incorporation

One unique feature of the eRetail data integration is incorporating reviews into performance calculations. Positive and negative reviews play a crucial role in shaping brand perception, and the Tastewise platform now considers these sentiments in its performance metrics for food market research.

Product Performance

Understanding on-shelf product performance is critical for brands, and eRetail data on the Tastewise platform addresses this need. By spotlighting how products fare in the digital retail landscape, brands can identify issues and opportunities for improvement. The eRetail data on Tastewise provides advanced datasets for a comprehensive 360-degree market perspective. From understanding customer views to deep-diving into competitive insights, sentiment analysis, and identifying innovation opportunities, brands can leverage rich data, all in one place.

Finding eRetail Data for Cheese

Talking purely of the value eRetail data provides without examining how this data enriches our insights. Primarily, it does this in three specific ways on the platform.  Let’s delve into a practical example to illustrate the power of eRetail data on the Tastewise platform. In this case, our example will be Philadelphia cheese, a perennial favorite among consumers.

Step 1: Explore Consumption Moments

You can start by using our Consumption Moments feature to gain valuable insights into your product’s market presence. Input “Galbani” to uncover a comprehensive catalog of Galbani cheese products, including prices, social performance, and now, eRetail data.

Step 2: Navigate to Category Dashboard

Once you’ve received information on Galbani products, you can head to the Category Dashboard page. Focus on the “Cheese” category, allowing you to assess how Galbani products are faring against others.

Step 3: Uncover Best Performers

Utilize eRetail data to identify top-performing brands within the Cheese category. Here, you explore trends, rising stars, and steady performers to better understand the market dynamics by adding specific attributes or badges to your search.

Step 4: Compare and Analyze

Evaluate the performance of Galbani products compared to other brands within the Cheese category. You can understand where your brand stands and how it measures up against the competition.

Step 5: Strategic Positioning

With insights, you can position your Galbani products strategically within the market. Discover why consumers choose your product and use this knowledge to enhance your online presence and overall consumer sentiment. By following these simple steps, the Galbani company can effectively leverage eRetail data to optimize its positioning in the Cheese category, ensuring a better understanding of its products and their performance in the market.

eRetail, the future of your food marketing strategy

Introducing eRetail data on the Tastewise platform marks a revolutionary step in understanding consumer behavior at every touchpoint. By offering a 360-degree view of the consumer journey, brands can make informed decisions, stay ahead of market trends, and truly stand out in the competitive landscape. As we embark on this journey together, be prepared to explore a new era of food market research, data analysis, and CPG insights that will shape the future of your brand.

Conclusion

In conclusion, eRetail data is a powerful tool for brands in the food industry to gain valuable insights into consumer behavior and market trends. By utilizing this data, companies like Galbani can identify top-performing products, evaluate their performance against competitors, and strategically position themselves to better serve their target audience. With the help of Tastewise’s innovative platform, brands can stay ahead of the game and make data-driven decisions that will drive their success in the market.

What can food intelligence do for you?