Instacart shares data trove to ease widespread grocery shortages
A new analytics tool from Instacart aims to help ease the pressure put on the grocery supply chain by the COVID-19 pandemic
Spotted: Customer analytics are constantly evolving, and companies must stay on top of current trends in order to meet constantly changing consumer demands and expectations. One important question is how much data should be shared between goods manufacturers and retailers, in order to smooth supply chain issues. This question has gained new importance with the COVID-19 pandemic, as some retailers struggle to meet increased demands.
Grocery chains and their suppliers, in particular, are having a very hard time keeping up with the vast increase in demand for home delivery (and toilet paper). The sudden increase in sales has sent a shockwave through supply chains, leading to empty shelves and shortages of key items. To help provide a solution, online grocery delivery platform Instacart has announced that it will begin sharing its vast trove of data with producers of packaged food items. The hope is this will help prevent supply chain issues.
Instacart delivers from 25,000 grocery stores, located in more than 5,500 cities across North America. This gives the company a unique ability to capture data on what people are buying on a particular day, which products are running low and where. The company already had plans in the works to begin sharing tailored insights from its newly-developed consumer intelligence tool, but these plans have now been moved up.
Instacart’s is one of a growing number of companies that are developing new ways to use the data from their main business to create a lucrative sideline. From concrete that can interact with smartphones to a platform that merges browsing with chatbots, monetising data is rapidly becoming part of almost every business.
Explore more: Retail Innovations | COVID-19 Innovations
21st April 2020