Online platform RangeMe has unveiled Industry Insights, a tool which provides product suppliers and manufacturers with a look at retail buying trends before they hit the shelves.
The program allows RangeMe Premium subscribers to break down the intricacies of product performance by:
- Showing how the margin across suppliers’ product lines compare to both the category range and the buyer interest range;
- Comparing retail prices to those of similar products, and providing insights on how suppliers’ retail prices fare with buyer’s interest;
- Revealing the quantities that are most popular in a subcategory, as well as the quantities that are trending with buyers;
- Providing the common certifications across a subcategory, including which ones are most successful with buyers; and
- Showing which terms are grabbing buyers’ attention and getting products noticed.
The program helps suppliers to better identify opportunities to position their products, make informed, strategic business decisions around product points like packaging size or pricing, and provides them with information to target and refine new product ideas.
“The real-time view of Industry Insights gives suppliers an inside track into what buyers are showing interest in on the RangeMe platform,” said founder and CEO Nicky Jackson. “This is a cardinal addition to the platform, touching all areas of the consumer packaged goods industry, and will further revolutionize the way new products are sourced, ultimately improving how consumer needs are met.”
She added, “Analyzing trends and buyer behavior has been the traditional way of tackling new product development. But with this breakthrough methodology, we're adding another, incredibly in-depth layer to the process that can only help suppliers excel in their strategic decisions.”