Are department stores the next dinosaurs?
They don't have to be if you find the right balance between your name brands and private brands.
Top challenges faced by department stores often include:
- Offering products that differentiate you from your competitors
- Growing and maximizing profit with your private brands
- SKU rationalization across branded and private label products
"First Insight is now a critical element in our product decision-making process."
EVP, Planning & Product Development
Dick's Sporting Goods
Department stores leveraging First Insight are testing hundreds of products each week:
- Determining the right mix of branded and private label products
- Identifying winning attributes for your private brand products
- Providing rapid feedback from thousands of customers
- Engaging your customers through fun mobile apps which drive customers to shop
- Applying predictive analytics to forecast top sellers so your merchants and planners have confidence to make deeper buys
- Testing at the CAD stage as well as the sample stage, reducing sample costs, increasing the adoption rate, and optimizing SKU performance
- Forecasting price elasticity, including a forecast of the Average Unit Retail price and optimal initial price of each item
- Helping you target the right customers with the right products and the right offers