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.
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.