Market research company IRI announced a significant expansion to its partnership with Priceline on Monday morning which will help the pharmacy deliver an improved range for customers.Priceline will use IRI technology to support category management and improve planning and collaboration with supplier partners, which will ultimately lead to the improved range, convenience and price for Priceline customers.
“I am very pleased that we are able to announce our expanded partnership with IRI,” David Ginsberg, head of buying for Priceline said in a statement.
“We already have a good understanding of our Priceline customer, however joining forces with a global leader in big data and analytics will allow us to further strengthen our knowledge and, more importantly, improve their experience when shopping in our stores.”
Paul Hinds, managing director Asia Pacific for IRI, said the partnership will find new ways to “delight and engage” Priceline customers.
“This partnership will augment our knowledge and result in better and faster decision making,” Hinds said.
“Together with our supplier partners, we will have a more holistic view of our customers and be able to better anticipate and cover their current and future needs.”
“Fifth straight year of growth”
The partnership comes alongside Roy Morgan research which notes 23.3 percent of Australian women purchase cosmetics from Priceline – almost double the figure from four years ago.
In fact, Priceline is beaten only by Supermarkets for market share in the beauty category, which holds 24.9 percent of the market.
“The cosmetics industry is a very competitive one with pharmacies and chemists, supermarkets, department stores, and discount department stores all vying to increase their share of the market and looking for an edge to retain existing customers and draw in new ones,” Roy Morgan chief executive Michele Levine said.
“Meanwhile, Priceline is enjoying its fifth straight year of growth in the market, fueled by a hardcore base of 18-24-year-olds and successful use of the growing online channel.”
This age category is Pricelines bread and butter, according to Levine, who notes that almost half (41.5 percent) of 18-24-year-old women who purchased cosmetics in an average six month period did so at Priceline.
“No other retailers are seeing even close to this level of market power over a particular age group,” Levine said.