The Swedish and Swiss partnership, m1nd-set Generation, says it is close to launching its ‘revolutionary business intelligence tool’ for the duty free and travel retail industry, which was initially announced in October 2015.

 

The extensive and comprehensive data service is close to completion after 12 months of design and development in collaboration with the various partners involved in compiling the data.

 

According to m1nd-set owners and joint CEOs Peter Mohn and David Perroud, the tool, will be an industry first.

 

The service, which will be named “B1S” – short for “Business 1ntelligence Service” – will provide a single access platform to four fundamental types of data: consumer behaviour, sales data, traffic data and macro-economic data.

 

FOUR PILLARS

“Companies subscribing to the service will be able to access all four pillars through a single portal which will provide a global, regional and sub- regional analysis for each of the four data types,” says the company.

 

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M1nd-set’s own shopper Behavioural Data is one of the four main pillars of the data service. This includes shopper insights for all categories and sub-categories; the m1nd-set signature segmentations; the customer needs, path to purchase, reasons to (and not to) purchase, footfall and conversion rates, shopping basket value and technology and communication touch points among other aspects.

 

“These consumer insights are based on interviews with travellers recruited at departure gates on various airports around the world on an ongoing basis (covering all seasons of the year), and this is unique in the industry,” adds m1nd-set Generation.

 

“This methodology has proven to deliver the most valid and accurate data in the travel retail channel.”

 

Generation’s comprehensive sales data constitutes the second major pillar of the service. Sell out data by region, category, SKU – in value and volume as well as custom made KPIs that enable clients to monitor their position in the market against competitors in the same category will be provided in the Sales Data section.

 

SALES DATA PROVIDERS FOR OVER 30 YEARS

“Generation has been providing the industry with sales data since over 30 years, and has recently partnered with renowned Prof. Alex Seret and his team of experts to further improve the estimation and forecasting data,” adds m1nd-set Generation.

 

In the Traffic Data module, subscribers will have access to the most comprehensive source of traffic forecast data available, thanks to a strategic partnership with major and key suppliers in this field. It provides the most accurate traffic data forecasting system that exists in the industry.

 

The fourth pillar Macroeconomic Data provides data for GDP growth, inflation, unemployment, payment balances, exports, imports and exchange rate data as well as other useful economic indices and information such as tobacco prices around the world, customs regulations etc.

 

Currency fluctuations will be highlighted in this module showing how exchange rates influence shopping behaviour. All of the above will be compiled and made available to subscribing companies in quarterly reports for each region.

 

‘HOLISTIC APPROACH’

Peter Mohn, owner & CEO of m1nd-set comments: “This holistic approach, as well as level and depth of data is unprecedented in our industry.

 

“The power of this tool is that it provides all the relevant data from one source where subscribers can cross reference the information on the same page in a user- friendly and interactive way.

 

“The accuracy of the data is another aspect which is extraordinary. For Air Traffic data for example, there are databases out there, but many do not include direct sales from the airlines, which reflects over half of all flight bookings around the world.”

 

Frederik Lindh, CEO of Generation adds: “We have been presenting this new initiative to stakeholders in the industry for the past few months now and there is enormous interest in the model. Sourcing the data for the industry sales and analysing the global industry turnover is an extremely complex exercise.

 

“With the assistance of business analytics expert Dr Alex Seret and his team we are now improving the Generation model, both how we estimate missing data and also by adding new techniques and models for forecasting. This sophistication process makes us more efficient in how we handle, extract and present the data.

 

“This facelift of the Generation model gives our partners and clients significantly more depth, detail and faster access to our database as well as a more comprehensive understanding of the whole industry performance thanks to B1S.”

 

The m1nd-set Generation team will be presenting the service to clients and industry stakeholders in Cannes during the TFWA World Exhibition next week. For more information, interested parties can contact Peter Mohn by email or telephone: T: +41 21 925 5025 | [email protected].