Merchants are striving to develop optimal product selection, pricing and selling strategies due to today’s highly competitive retail landscape. However, poor planning processes have forced some stores to deal with excess inventory and inevitable markdowns with each season change.
To address the need for more dynamic insight into shopper preferences, the First Insight Solution provides retailers with broad-based customer feedback on new products. Retailers then can leverage optimal product development and planning in line with shoppers’ wants and needs.
First Insight is a Pittsburgh-based software solution provider that offers more efficient and economical new product selection and pricing strategies. As a result, retailers can recover lost profit caused by stock-outs, markdowns and inventory write-offs, according to Greg Petro, Chief Executive Officer for First Insight.
“Our solution provides direction for retailers on items with little or no sales history,” Petro said. “First Insight offers a fast, scalable way to give retailers the analytics they need to make new product decisions confidently.”
The First Insight solution provides an in-depth, predictive view into consumer demand and merchandise profitability. Retailers input images and descriptions of the products to be tested, launch consumer engagement tools via email, web, and/or social media, and view results after 72 hours. Retailers then analyze final sentiment via analytics reports to determine product designs and decision-making.
First Insight touts a client base of Fortune 500 companies, including vertically integrated retailers, specialty merchants, department stores and manufacturers. One of its clients, David’s Bridal, revealed the improved efficiencies gained with the First Insight Solution. In an article for Fortune Magazine, Jeff Warzel, Senior Vice President of Supply Chain for David’s Bridal, noted: “All we need is a style or two in a season that we decide to go ahead and roll to the chain, that we might not otherwise have done…and basically it’s paid for itself.”