Retailers obtain deeper understanding of their consumers and realize alternative revenue streams
Consumers gain insight into spending history, enabling more-informed decision-making, and benefit from enhanced shopping experiences
Partnership creates opportunity for $1.6 trillion in annual sales coverage to Banyan’s privacy-by-design data network
CHICAGO & NEW YORK, September 14, 2021--(BUSINESS WIRE)--IRI®, a fast-growing, global leader in innovative solutions and services for consumer, retail and media companies, and Banyan, a fintech infrastructure startup that connects SKU-level consumer receipt data with financial transactions, today announced a new partnership that will provide IRI’s retailer clients with a more holistic view of consumer shopping habits and opportunities to generate new revenue streams while giving consumers greater visibility into their spending.
"IRI is excited to partner with Banyan to facilitate this win-win opportunity for our retailer clients and their customers," said IRI President of Market and Shopper Intelligence Jeremy Allen. "While many retailers have an increasingly granular view of consumer shopping behavior within their four walls and e-commerce platforms through loyalty programs and other sources, IRI will now be able to deliver a broader understanding of deidentified consumers’ total wallet spend across all channels and outlets by integrating consumer spending data from Banyan’s partners. Our partnership with Banyan drives growth for our retailer clients in two ways: It unlocks significant marketing opportunities to meet consumers’ evolving needs by providing a more comprehensive understanding of consumer spending, and it provides retailers with opportunities to monetize their highly valuable data assets."
Banyan’s privacy-by-design Global Receipt Data Network consists of deidentified data from transactions across more than 15,000 banks, fintech companies, merchants and consumer apps. As IRI integrates this data into its solutions, participating retailers can gain a comprehensive view into the universe of where their customers are shopping. This will offer more holistic and powerful insights, enabling retailers to deliver enhanced consumer experiences and more relevant, effective advertisements and promotions. Participating retailers will also be able to monetize their point-of-sale data assets with Banyan — unlocking new revenue opportunities from untapped sources while maintaining total control over data usage.
On the consumer side, retailer participation in Banyan’s privacy-by-design Global Receipt Data Network enables consumers to access their shopping receipts digitally and link them to the financial, wellness and fitness apps of their choice to enable more-informed financial and wellness decisions.
"We operate at the nexus of privacy, consumer personalization and transparency, and this partnership with IRI will drive mutually beneficial outcomes across the CPG ecosystem," said Banyan CEO Jehan Luth. "We look forward to working with IRI’s retailer client network, collectively representing $1.6 trillion in annual sales coverage, to support their efforts in improving customer experience, driving growth, and building consumer trust through transparent data usage."
Banyan makes it easy for consumers to connect their receipts to the apps and services they choose. Powered by the Banyan API, merchants can seamlessly and securely monetize these connections while unlocking powerful insights and new marketing opportunities. Banyan provides merchant partners complete transparency and control, while our privacy-by-design architecture requires consumer consent before any receipts are shared. For the first time, financial institutions, fintechs and consumer apps gain access to item-level transaction data, enabling them to create incredible experiences and products for their customers.
IRI is a fast-growing, leading provider of big data, predictive analytics and forward-looking insights that help CPG, OTC health care organizations, retailers, and financial services and media companies grow their businesses. With the largest repository of purchase, media, social, causal and loyalty data, all integrated into an on-demand, cloud-based technology platform, IRI is helping to guide its more than 5,000 clients around the world in their quests to connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.IRIworldwide.com.
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