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First Insight & Vineyard vines enter into an agreement
18 Jul '17
2 min read
First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, has entered into an agreement with US-based Vineyard vines, the Connecticut-based retail brand best known for its smiling pink whale logo and Martha’s Vineyard inspired clothing and accessories for men, women, and children.
As part of the agreement, First Insight will use its online social engagement tools to gather real-time product pricing and sentiment data from Vineyard vines customers. This data will then be analysed by First Insight’s predictive models to enable vineyard vines to more quickly and accurately make design, buying and pricing decisions that improve sales, margins, and inventory turnover both in stores and online.
Mike Gaumer, president of Vineyard vines said, “Through First Insight’s predictive analytics, we will gain visibility into our customers’ preferences in a way that hasn’t been possible for us before. By bringing winning products to market that align with the needs of our distinct customer base, we will increase traffic both in-store and online while engaging our customers more effectively. We validated the ROI of the First Insight solution through measuring a direct increase in online conversions and full-price sales. Ultimately, First Insight is helping us deliver on two of our corporate goals; building great relationships with our customers and driving profitable sales.”
Greg Petro, CEO and founder of First Insight said, “Vineyard vines has built an iconic American brand synonymous with an upscale, relaxed coastal lifestyle. By introducing the voice of the customer through predictive analytics, vineyard vines will increase speed to market with the right styles, targeted to their core customer. We are excited to be working with one of the fastest growing brands in the US.” (GK)
As part of the agreement, First Insight will use its online social engagement tools to gather real-time product pricing and sentiment data from Vineyard vines customers. This data will then be analysed by First Insight’s predictive models to enable vineyard vines to more quickly and accurately make design, buying and pricing decisions that improve sales, margins, and inventory turnover both in stores and online.
Mike Gaumer, president of Vineyard vines said, “Through First Insight’s predictive analytics, we will gain visibility into our customers’ preferences in a way that hasn’t been possible for us before. By bringing winning products to market that align with the needs of our distinct customer base, we will increase traffic both in-store and online while engaging our customers more effectively. We validated the ROI of the First Insight solution through measuring a direct increase in online conversions and full-price sales. Ultimately, First Insight is helping us deliver on two of our corporate goals; building great relationships with our customers and driving profitable sales.”
Greg Petro, CEO and founder of First Insight said, “Vineyard vines has built an iconic American brand synonymous with an upscale, relaxed coastal lifestyle. By introducing the voice of the customer through predictive analytics, vineyard vines will increase speed to market with the right styles, targeted to their core customer. We are excited to be working with one of the fastest growing brands in the US.” (GK)
Fibre2Fashion News Desk – India
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