Pier 1 Imports has partnered with First Insight to leverage predictive analytics for its merchandise categories. The retailer will use these insights to quickly and accurately make design, buying and pricing decisions for its furniture and home décor offerings, as well as evaluate opportunities for new product launches.
First Insight gathers pricing and sentiment data on potential product offerings which is then filtered through its predictive analytics algorithm to determine which products present the greatest opportunity.
“First Insight’s expertise will complement our identification and analyses of new product and category offerings and enhance informative decision-making based on direct feedback from consumers, including Pier 1 Imports customers,” said Cathy David, EVP of Merchandising for Pier 1 Imports in a statement. “By working with First Insight, we will gain a more comprehensive understanding at the beginning of our product selection and development process of what customers perceive as distinctive products at a great value, thereby helping maximize our sales and profit potential.”