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First Insight’s customer-centric merchandising platform is a suite of solutions based on the company’s successful pre-season product testing platform that brings deep analysis, increased predictive capabilities, precise price forecasting, targeted customer segmentation data and accurate buy quantity recommendations on new products. The solutions are fast and simple to use while fully compliant with global standards for data governance and privacy. In addition, First Insight has launched five new InsightSuite solutions tailored to specific retail sectors, the company said in a press release.
Designed to meet the unique needs of fast fashion retailers, InsightSuite/FF provides actionable data on a weekly cycle, enabling retailers to read industry trends and test new styles with consumers quickly so they can react in real time. The result is a data-driven approach to identifying new designs, pricing items correctly, and weighting buys – all compressed into a weekly calendar. Fast fashion retailers often buy new styles from vendors at market rather than developing products internally. InsightSuite/FF lets them test products from these vendors with speed and at scale.
Luxury brands that traditionally base their strategies on scarcity and on selling products at full price are also turning their attention to managing inventory levels. Another challenge for luxury brands is the confidential nature of new designs: while they want customer feedback, they need to maintain confidentiality to ensure next season’s designs are not copied by another brand. InsightSuite/LX (luxury) enables luxury brands to get feedback on new designs while maintaining confidentiality and has proven to deliver more full-price sales while reducing inventory levels.
The challenge for digitally native brands is to find ways to grow a business without a physical store footprint and with a small but growing customer base. InsightSuite/DN enables these companies to reach consumer groups that are not part of their current database through integrated third party panels. Through a wizard-based interface, designers and merchants in digitally native brands can select a target audience and gain feedback from these prospective consumer groups in real-time. Digitally native brands currently using First Insight include those in the apparel, footwear, jewellery and home categories.
“We are excited that the retail industry continues to embrace our customer-centric merchandising platform,” said Greg Petro, CEO of First Insight. “At this point, the vast majority of the retailers and brands that are leveraging predictive analytics and digital product testing are doing so using First Insight. This is a testament to the strength of our expanded platform which applies machine learning and predictive analytics to nearly a decade of Voice of Consumer data. By providing retailers and brands with the most information and strongest recommendations on the products they are bringing to market, we are ensuring they are able to meet their customers with the right products and prices out of the gate.” (PC)
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