Future Group forms JV with UK insights company Dunnhumby
Future Group has formed a joint venture with Tesco owned data analysis company Dunnhumby to develop and sell customer insights to clients in India.
UK based Dunnhumby helps global retailers and brands such as Procter & Gamble, Coca-Cola and Kroger analyze data to improve customer experiences and build loyalty.
Dunnhumby will leverage consumer data generated from Future Group's retail network that attracts nearly 300 million customers at stores located in over 100 cities and 40 rural markets. "It is part of our strategy to bring technology and data at the heart of our business operations and create shopping experiences of the future, today. The ability to understand complete spending patterns provides us with great opportunity to grow the lifetime value of our customers, by being more relevant and providing value to them," Kishore Biyani, Group CEO, Future Group, said.
Dunnhumby, on the other hand, said it will bring on board its tools and knowledge to leverage this data to try uncover insights on what customers want, where they want it, and how much they're willing to pay for it.
"We are excited about the potential for onsumer packaged goods companies to grow their categories and brands. For us, delivering relevance is crucial to growing customer enthusiasm. We want to keep those customers coming back for more and more, year after year," said Simon Hay, CEO of dunnhumby that has similar ventures with retailers including the Kroger Co. in the U.S, Metro in Canada and Gruppo Pam in Italy.
With over 25 million members, Future Group's loyalty networks can provide consumer data that tracks brand, category, price preferences and demographic data of its customers.