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Marks & Spencer extends partnership with First Insight

03
Aug '18
Courtesy: First Insight
Courtesy: First Insight
Marks & Spencer (M&S) has extended its partnership with First Insight, a global technology company helping leading retailers with investment and pricing decisions. M&S has been using First Insight’s consumer-driven predictive analytics for design, buying and pricing decisions on categories including apparel, lingerie, footwear, accessories, home and beauty.

The software has enabled M&S to test tens of thousands of products across more than 50 departments in order to buy more of what customers like. The platform has helped shape collections and resulted in customers getting the best products at the right prices.

"Everything M&S does as a company is filtered through the lens of what we know about our customers, and every decision starts with them. First Insight’s technology gives us invaluable feedback on new products during design and development, so we can buy more of what our customer likes and eliminate products that score less well," Gordon Mowat, director of supply chain and logistics at M&S, said.

First Insight uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. The solution is enabling M&S to evaluate a greater number of products and reflect direct consumer input in their buying decisions.

"The global retail market is changing quickly, and retailers need to adapt to succeed," said Greg Petro, CEO and founder of First Insight. "M&S is a forward-thinking company and is investing in solutions to get closer to its customers. We have developed a valued partnership with M&S which has demonstrated a strong ROI and the ability to scale across their business. We look forward to expanding the partnership to additional categories." (RR)

Fibre2Fashion News Desk – India


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