Knowing the next big trend is crucial in the fast-paced world of beauty marketing today. For many on both sides of the buyer and seller equation, that information is only available once point of sale data starts rolling in. This week, RangeMe, an online platform that streamlines new product discovery between supplier and retailers, launched a feature aiming to close the time gap.
Called Industry Insights, the addition to the platform enhances how consumer packaged goods data is obtained and used by-product suppliers and manufacturers by offering a glimpse into retail buying trends before items hit shelves. The end result is that suppliers can better identify opportunities to position products to make informed, strategic business decisions on key product attributes such as packaging size or pricing. The tool provides access to previously unseen data that RangeMe said eliminates a time warp that has stymied the industry for decades.
“The real-time view of Industry Insights gives suppliers an inside track into what buyers are showing interest in on the RangeMe platform,” said Nicky Jackson, founder and chief executive officer of RangeMe, an ECRM company. “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 explained that Industry Insights spotlights data on trends before sales data is available. “This means suppliers can see buyer interest prior to sell-through and know what category buyers are looking at and searching for in real-time. For example, we know that CBD is the number-two search term across the board with category buyers. This is something we won’t see with sales data.
Using Industry Insights, RangeMe’s Premium subscribers can dig into intricacies of product performance by margins, pricing, packaging and certifications. Additionally, users can uncover the search terms that attract buyers’ attention to help get products noticed. This is an improvement, Jackson said, over making decisions sifting through reams of data. Not only is that time-consuming, but the data isn’t in real time, she said.
“Analyzing trends and buyer behavior has been the traditional way of tackling new product development,” Jackson said. With the new technology, RangeMe is adding another in-depth layer to the process. Beauty companies currently using RangeMe include Dermstore, Sephora, Ulta Beauty and Sally Beauty. Additionally, retailers including CVS, Jet, Meijer, Safeway and Target also turn to RangeMe for product intelligence.