Company: NIQ
Name: Steve Zurek
Current Position: Sales Development Lead, US-Analytics
Tenure With Current Company: 1 years
Years of Industry Experience: 32 years

What would you like our conference attendees to know about your brand/company?

Nielsen IQ is a leading global information services company enabled by new, innovative product offerings and modern technology that deliver the best content in a way that is easy to use, relevant, and creates value for our customers.

NielsenIQ solutions uncover the most granular details to inspire the big picture ideas, helping business leaders envision the future and take decisive action.

We help you:

  • Know your consumers
  • Innovate your products
  • Refine your assortment
  • Perfect your channels
  • Maximize your revenue
  • Optimize your revenue management performance

What does Activating Insights for a Dynamic Future mean to your company?

NIQ is well positioned for a dynamic future. Our industry is at an interesting inflection point as we move from a global pandemic to record inflation, low unemployment to whatever the next phase will be. Dynamic market conditions will be a running theme for the foreseeable future and the comparative periods are full of conflicting data. Always on analytics is the most effective way for our clients to use NIQ predictive modeling capabilities to proactively and instantly respond to ever-changing market conditions. Promotion activity has never been as low as it is now across the industry. Going into the pandemic 72% of trade dollars had flat to negative ROI. Driving quality promotion and engaging shelf sets is about having dynamic modeling capabilities and always on analytic solutions that flex with market changes.

What is the most impactful retail insight you have observed over the past year, and how have you helped suppliers and retailers activate against it?

Promotion activity has also never been this low as a result of supply shortages and the pandemic. Now is the time to create quality promotion plans that return on trade spend and generate lift and the right value for the consumer. We are doing this for our clients who have our Revenue Optimizer solution. They can run promotion scenarios and evaluate returns for every promotion they execute. This is a tool that can suggest the best promoted price based on a variety of factors and can be deployed to sales teams. Instead of promo analysis being done episodically and over a handful of promotions, it’s now completely feasible to evaluate every promotion at a fraction of past time investments.

What current retail and consumer trends do you feel people should be paying particular attention to right now?

Inflation across CPG categories topped 12% in the fourth quarter in 2022. Meat, Pet, Produce, Seafood, Frozen and Dry Grocery are the key contributors within FMCG. Lack of promotions in 2022 added to average price appreciation, but the REAL drivers of overall inflation include Energy (Gas and Electricity), transportation (Cars – both NEW and particularly the USED CAR segment) and Apparel.

Focusing on efficient inventory management and having the right assortment on the shelf are strategies retailers will be using to mitigate financial risk. The overall market will be dynamic in 2023 as we move from an inflationary period to the next economic phase, which is unclear now but should come into focus in Q2 of this year. It is likely that there will be a short recession lasting a few quarters, but shopper behavior is already starting to pivot to less discretionary spending.

What kind of solutions will you be showcasing at the 2023 CMA|SIMA Conference?

Pricing and Promotion

  • Revenue Optimizer
  • Inflation Tracker

Assortment

  • Shelf Architect