PITTSBURGH, PA – June 6, 2012 – First Insight, Inc., a technology company transforming how leading fashion retailers make new product development decisions, today announced an agreement with Avon, the world’s largest direct seller of beauty, fashion and home products. First Insight is providing predictive analytics generated from online consumer engagements to help Avon make faster and more accurate buying and pricing decisions for new fashion and home products. Terms of the deal were not disclosed.
As part of this agreement, First Insight is using online social engagement tools to gather real-time preference, pricing and sentiment data on Avon’s new products. This information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. Product categories being evaluated by Avon through the First Insight solution include jewelry, home, footwear, apparel, and watches.
First Insight’s solution enables its customers to:
- Evaluate a greater number of designs or products quickly, increasing speed to market.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize pricing and allocation strategies to maximize ROI.
Greg Petro, CEO and founder of First Insight, commented, “We are excited to be partnering with Avon. Our mission is to provide companies such as Avon with a fast, scalable solution that lets them leverage consumer feedback and predictive analytics to make new product decisions with confidence. By making better new product decisions, many of our customers are consistently realizing 3 to 9% gains in sales and margin dollars.”
About First Insight, Inc.
First Insight is the leading solution for providing inventory investment and pricing guidance for products that are new to retail assortments. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer preference and pricing data and applies a predictive model to create actionable insights, which inform new product decisions. Retailers use the First Insight solution to select the most profitable new products for improved sales, margins and inventory turnover. With the use of First Insight data, retailers gain a forward-looking view of customer demand and merchandise profitability. Implementing First Insight’s predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Customers include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. For further information, please visit www.firstinsight.com.