First Insight’s new comprehensive platform is equipped with a suite of offerings, all of which are designed to give retailers and manufacturers greater visibility into product performance before products are launched.
“Retailers and manufacturers have endless amounts of intelligence on product performance after products hit the stores. They know exactly which customers are buying which products, where those customers are, and what offers they respond to,” said Greg Petro, CEO of First Insight. “First Insight now gives companies this same level of intelligence before the products are launched. We’ve moved the product/customer data frontier further back in the development and buy cycle, essentially offering a system of record for tomorrow’s products - today.”
At NRF 2013, First Insight will introduce this new platform along with three major new platform components:
Insight Pricing. First Insight is the first company in the world to generate a price response (or elasticity) curve prior to a product being introduced. Insight Pricing enables companies to accurately set entry price points using a predictive model which identifies the market’s response to alternative pricing decisions.
First Insight’s solution is driving margin gains for its customers by showing them which products – known as Margin Movers - can bear a higher price point than originally planned. Insight Pricing also provides an accurate forecast of a new product’s Average Unit Retail (AUR) price prior to product introduction.
Insight Marketing. First Insight’s solution now enables retail marketers to understand the optimal customer profile for a new product, well before that product hits the stores. Retailers using Insight Marketing are able to target specific customer groups with tailored messaging for these new products, dramatically increasing new product sell-through and margins.
Insight Selection. First Insight’s core new product ranking and recommendation offering features a re-designed user experience, making it easier for merchants and planners to view product performance results and make decisions.
About First Insight, Inc.
First Insight empowers retailers and manufacturers to drive new product success by introducing the right products at the right price. Through the use of online consumer engagements, the First Insight cloud-based solution gathers real-time consumer preference and pricing data and applies a predictive model to create actionable insights, which inform new product decisions.
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