Success depends on a retailer's ability to anticipate what their customers want.
What designs to create? What products to market? What prices to set? Failure to accurately predict these answers creates a devastating spiral of unsatisfied (or lost) customers, excess inventory and heavy markdowns.
Misalignment of demand can also present missed opportunities due to stock-outs and under-priced products. These errors add up to an $800 billion problem for retailers each year.
To eliminate these shortcomings, First Insight created a high-speed testing solution to improve how and when consumer data is applied in retail decisions. From design creation to product selection to pricing to marketing, we give consumers an active voice to share and retailers a scalable means to listen and learn.
First Insight combines direct consumer data with predictive analytics to give retailers a better understanding of what products consumers want and value, before costly decisions are made. First Insight's customers include department stores, specialty retailers and manufacturers, and all are experiencing positive results, including:
- Greater new product successes
- Better, localized assortment planning
- Decreases in excess inventory and markdowns
- Increases in sales of full price items
- Increases in speed to market
- Reduced testing costs
First Insight's goal is to arm retailers with the fact-based guidance needed to deliver the right products to the right consumers, the first time - no second chances needed.