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First Insight, Chico's FAS enter partnership
25 Jun '17
2 min read
First Insight, a technology company transforming how retailers make product investment and pricing decisions, and Chico's FAS, a specialty retailer in the US with brands like Chico's and Soma, have joined hands. First Insight will now utilise its online social engagement tools to gather direct consumer input on new products from Chico's base of customers.
Using First Insight's consumer-driven predictive analytics, Chico's FAS will be able to more quickly and accurately make design, buying and pricing decisions on the apparel, shoes, accessories, and jewelry it offers to its consumers both in stores and online.
Through the partnership, First Insight will utilise its online social engagement tools to gather direct consumer input on new products from Chico's base of customers. The data will then be analysed using First Insight's predictive models, enabling Chico's FAS to better understand its customer base and calibrate inventory buys, optimise allocation strategies and offer products that align with their needs.
"One of our key strategic imperatives is to leverage actionable retail science to improve our operational performance. Our rich customer data combined with First Insight's online customer engagement and analytics should help us to identify top performing product as much as 12 months pre-season. We expect this partnership will enhance our ability to consistently deliver the beautiful merchandise our customers want, resulting in stronger sales for our company," said Shelley Broader, chief executive officer and president of Chico's FAS.
"For more than thirty years, Chico's FAS has built its business by cultivating beautiful apparel that puts the needs of its fashion-savvy customers first," said Greg Petro, CEO and founder of First Insight.
"By introducing enhanced analytics around the voice of the customer into its product development process, we will be able to help Chico's FAS increase sell-through and reduce markdowns while continuing to deliver trend-right products," Petro said. (SV)
Using First Insight's consumer-driven predictive analytics, Chico's FAS will be able to more quickly and accurately make design, buying and pricing decisions on the apparel, shoes, accessories, and jewelry it offers to its consumers both in stores and online.
Through the partnership, First Insight will utilise its online social engagement tools to gather direct consumer input on new products from Chico's base of customers. The data will then be analysed using First Insight's predictive models, enabling Chico's FAS to better understand its customer base and calibrate inventory buys, optimise allocation strategies and offer products that align with their needs.
"One of our key strategic imperatives is to leverage actionable retail science to improve our operational performance. Our rich customer data combined with First Insight's online customer engagement and analytics should help us to identify top performing product as much as 12 months pre-season. We expect this partnership will enhance our ability to consistently deliver the beautiful merchandise our customers want, resulting in stronger sales for our company," said Shelley Broader, chief executive officer and president of Chico's FAS.
"For more than thirty years, Chico's FAS has built its business by cultivating beautiful apparel that puts the needs of its fashion-savvy customers first," said Greg Petro, CEO and founder of First Insight.
"By introducing enhanced analytics around the voice of the customer into its product development process, we will be able to help Chico's FAS increase sell-through and reduce markdowns while continuing to deliver trend-right products," Petro said. (SV)
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