CHICAGO & NEW YORK – (COMMERCIAL THREAD) – IRI®, a fast-growing global leader in innovative solutions and services for consumer, retail and media businesses, and Banyan, a fintech infrastructure startup that connects SKU-level consumer receipt data to financial transactions, today announced a new partnership that will provide IRI retailer customers with a more holistic view of consumers’ buying habits and opportunities to generate new revenue streams while providing consumers with greater visibility on their expenses.
“IRI is delighted to partner with Banyan to facilitate this win-win opportunity for our retail clients and their customers,” said Jeremy Allen, IRI president of Market and Shopper Intelligence. “As many retailers gain an increasingly clear view of consumer buying behavior within their own four walls and ecommerce platforms through loyalty programs and other sources, IRI will now be able to to provide a broader understanding of total anonymized consumer portfolio spending across all channels and outlets by integrating consumer spending data from Banyan partners. Our partnership with Banyan drives the growth of our retail clients in two ways: it opens up significant marketing opportunities to meet changing consumer needs by providing a more complete understanding of consumer spending, and it provides opportunities for retailers to monetize their assets. valuable data. ”
Banyan’s global data-receiving privacy-by-design data network consists of anonymized data from transactions made at more than 15,000 banks, fintech companies, merchants and consumer applications. As IRI integrates this data into its solutions, participating retailers can gain a complete view of the universe where their customers shop. This will provide more holistic and powerful information, enabling retailers to deliver enhanced consumer experiences and more relevant and effective advertising and promotions. Participating retailers will also be able to monetize their point-of-sale data assets with Banyan, opening up new revenue opportunities from untapped sources while maintaining full control over data usage.
On the consumer side, the participation of retailers in Banyan’s Global Data Receipt Privacy Data Network by Design enables consumers to digitally access their purchase receipts and link them to financial, wellness and other applications. of their choice to make more informed financial and wellness decisions.
“We operate at the crossroads of privacy, consumer personalization and transparency, and this partnership with IRI will lead to mutually beneficial results across the CPG ecosystem,” said Banyan CEO Jehan Luth. “We look forward to working with IRI’s network of retail customers, collectively accounting for $ 1.6 trillion in annual sales, to support their efforts to improve the customer experience, drive growth and build consumer confidence through transparent use of data. ”
Banyan allows consumers to easily connect their receipts to the apps and services of their choice. Through the Banyan API, merchants can monetize these connections seamlessly and securely while unlocking powerful insights and new marketing opportunities. Banyan gives merchant partners complete transparency and control, while our privacy-by-design architecture requires consumer consent before sharing receipts. For the first time, financial institutions, fintechs and consumer applications have access to item-level transaction data, enabling them to create incredible experiences and products for their customers.
IRI is a leading provider of fast-growing big data, predictive analytics and forward-looking information that helps CPG, OTC healthcare organizations, retailers, and financial services and media companies to develop their activities. With the largest repository of purchasing, media, social, causal and loyalty data, all integrated into an on-demand cloud-based technology platform, IRI helps guide its more than 5,000 customers through the world in their quest to connect with consumers, collaborate with key players and generate market-leading growth. For more information, visit www.IRIworldwide.com.