First Insight has released ElastiCast, a solution designed to enable retailers to forecast price elasticity of new products to determine optimal prices and increase margins.
By collecting consumer data and processing it through First Insight’s proprietary algorithms, ElastiCast enables merchants, planners and marketers to analyze various pricing scenarios and predict how consumers will react to different price points throughout the product’s lifecycle — from initial pricing to markdowns to clearance. These results enable retailers to see the distribution of demand before they go to market, so they can set prices based on data.
ElastiCast is a new capability within InsightSuite, First Insight’s predictive analytics platform, designed to enable retailers and manufacturers to select, price, market and buy new products with no sales history. With ElastiCast, InsightSuite users can gain more visibility into expected new product performance months before the products are brought to market.
First Insight products are currently used by sporting goods retailers, department stores, mass merchant retailers and wholesalers.