An upgraded suite of cloud-based analytical tools gives retailers and manufacturers visibility into optimal price points and customer profiles ― before products are introduced. First Insight, a provider of predictive analytics generated from online consumer engagements, launched the new platform at NRF, Booth #262.
The expanded suite consists of three components:
- Insight Pricing. Uses a predictive model to forecast market response to alternative pricing decisions. Generates a price response curve designed to enable companies to determine the optimal price entry points. Also designed to forecast an Average Unit Retail (AUR) price.
- Insight Marketing. Designed to enable retail marketers to identify optimal customer profiles for new products. Marketers can target customer groups with tailored messaging to increase new product sell-through and margins.
- Insight Selection. A product ranking and recommendation tool designed to help merchants and planners view product performance results.
First Insight cloud-based solutions apply a predictive model to real-time customer data to reveal insights that inform new product decisions. The solutions address improved sales, margins, inventory turnover, product design, buying, assortment planning, pricing and marketing decisions.
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Retailers and manufacturers “have endless amounts of intelligence on product performance after products hit the stores,” said Greg Petro, CEO of First Insight, in a company press release. “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.”
During 2012, First Insight ― a Silver Sponsor of the BIG Show ― added Avon, The Limited, PacSun, Saks Off Fifth, Vera Bradley and others to the brand customer base, and partnered with USA TODAY in predicting fashion trends for back-to-school and holiday shopping.
