Thousands of Aussies are getting extra rewards just by sharing information!
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Now that bills are at an all-time high, who wouldn’t love bonus points, discounts, or freebies without putting in much effort?
This was made possible for some lucky Australians whose task is to constantly provide some very basic information, such as records of their household spending habits.
For 17 years, Sally James has been meticulously tracking all of her purchases—from groceries and petrol to homewares and outdoor goods. And every Thursday, she pulls together a grocery list, buys the items, and tracks her spending habits.
The 63-year-old woman is part of a large-scale program called the IRI Shopper Panel, which monitors the spending habits of more than 13,000 Australians.
Every week, Sally provides her spending data and as a reward, she has collected many points that can be exchanged for gift cards or used for absolutely anything else she wants.
‘I've mainly cashed my points in for gift cards, so that means I can use them at whatever shops I want and buy whatever I want,’ Sally shared.
The panel not only considers people's grocery shopping habits but also those purchases made at department stores and from outdoor goods sellers.
So why do all these people have to share their spending habits?
According to Alistair Leathwood from Circana, the company responsible for the IRI Shopper Panel, this information is really useful for retailers to understand what their customers are buying and how and why they are buying it.
‘So there are two main groups of people who are interested in the data,’ said Leathwood.
‘That is the retailers who are trying to figure out what to put on the shelves and sell, and the manufacturers—the farmers, the growers,’ Leathwood added.
Data is essential for the major grocery players to figure out the best way to increase profitability and market share.
‘Data is the number one priority for retailers—it is king for them to understand how customers are behaving and why they shop with them,’ said The Retail Doctor’s Head of Consumer Insights, Anastasia Lloyd-Wallis.
How Data is Utilised by Retailers and Manufacturers
Information gathered by retailers and manufacturers from shoppers like Sally can be used to generate insights about consumer behaviour and preferences, enabling these businesses to tailor their offerings more effectively.
Retailers, like your favourite grocery store or coffee shop, utilise customer data to study purchasing habits and patterns. This valuable information can highlight which items are best-sellers, which goods tend to be impulse buys, and what purchases are commonly made together—hence, you might see promotions or discounts on items that frequently go hand-in-hand.
Retailers also use data analysis to improve their overall service delivery, too. By understanding patterns in customers' shopping habits, stores can better manage their staff rotas, aligning them with peak shopping times, ensuring excellent customer service and, critically, keeping their customers happy.
Manufacturers, on the other hand, leverage this data to gain insights into the demand for their products. For example, if Sally's grocery list frequently includes apples, a trend mirrored by other members of the IRI Shopper Panel, apple growers can expect a steady demand for their produce. This information helps the manufacturers plan their harvests, manage supply chains and, most importantly, avoid waste.
Equally, manufacturers can use the data to identify potential gaps in the market. Let's imagine Sally often buys gluten-free products. If this preference is echoed across the wider shopper panel, a bread manufacturer may be inspired to develop and launch a new gluten-free range. They're meeting demand and, in the process, boosting their revenues.
In essence, it's the data behind these transactions that's giving directions to retailers and manufacturers.
Those interested in learning more about the IRI Shopper Panel can click here.
What do you think about sharing this type of data with big retailers and manufacturers in exchange for money, dear members? Let us know in the comments below!
This was made possible for some lucky Australians whose task is to constantly provide some very basic information, such as records of their household spending habits.
For 17 years, Sally James has been meticulously tracking all of her purchases—from groceries and petrol to homewares and outdoor goods. And every Thursday, she pulls together a grocery list, buys the items, and tracks her spending habits.
Sally James has been meticulously tracking her spending habits for 17 years. Image source: karlyukav on Freepik.
The 63-year-old woman is part of a large-scale program called the IRI Shopper Panel, which monitors the spending habits of more than 13,000 Australians.
Every week, Sally provides her spending data and as a reward, she has collected many points that can be exchanged for gift cards or used for absolutely anything else she wants.
‘I've mainly cashed my points in for gift cards, so that means I can use them at whatever shops I want and buy whatever I want,’ Sally shared.
The panel not only considers people's grocery shopping habits but also those purchases made at department stores and from outdoor goods sellers.
So why do all these people have to share their spending habits?
According to Alistair Leathwood from Circana, the company responsible for the IRI Shopper Panel, this information is really useful for retailers to understand what their customers are buying and how and why they are buying it.
‘So there are two main groups of people who are interested in the data,’ said Leathwood.
‘That is the retailers who are trying to figure out what to put on the shelves and sell, and the manufacturers—the farmers, the growers,’ Leathwood added.
Data is essential for the major grocery players to figure out the best way to increase profitability and market share.
‘Data is the number one priority for retailers—it is king for them to understand how customers are behaving and why they shop with them,’ said The Retail Doctor’s Head of Consumer Insights, Anastasia Lloyd-Wallis.
How Data is Utilised by Retailers and Manufacturers
Retailers and manufacturers are the main groups most interested in the data obtained from shoppers like Sally James. Image source: Freepik.
Information gathered by retailers and manufacturers from shoppers like Sally can be used to generate insights about consumer behaviour and preferences, enabling these businesses to tailor their offerings more effectively.
Retailers, like your favourite grocery store or coffee shop, utilise customer data to study purchasing habits and patterns. This valuable information can highlight which items are best-sellers, which goods tend to be impulse buys, and what purchases are commonly made together—hence, you might see promotions or discounts on items that frequently go hand-in-hand.
Retailers also use data analysis to improve their overall service delivery, too. By understanding patterns in customers' shopping habits, stores can better manage their staff rotas, aligning them with peak shopping times, ensuring excellent customer service and, critically, keeping their customers happy.
Manufacturers, on the other hand, leverage this data to gain insights into the demand for their products. For example, if Sally's grocery list frequently includes apples, a trend mirrored by other members of the IRI Shopper Panel, apple growers can expect a steady demand for their produce. This information helps the manufacturers plan their harvests, manage supply chains and, most importantly, avoid waste.
Equally, manufacturers can use the data to identify potential gaps in the market. Let's imagine Sally often buys gluten-free products. If this preference is echoed across the wider shopper panel, a bread manufacturer may be inspired to develop and launch a new gluten-free range. They're meeting demand and, in the process, boosting their revenues.
In essence, it's the data behind these transactions that's giving directions to retailers and manufacturers.
What do you think about sharing this type of data with big retailers and manufacturers in exchange for money, dear members? Let us know in the comments below!
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