It's tough to stay on top.
For luxury brands, success depends on your ability to create a constant, consistent stream of new designs that capture the imagination of your discerning, demanding clientele. Achieving this requires overcoming several challenges:
- Knowing which designs and attributes will resonate with your target customers
- Keeping your new designs confidential while getting input from all the right voices
- Determining the right price for your new designs
- Getting your buy depth and inventory allocation right, to avoid overstocks and stock-outs
Luxury Brand Buying Decisions
Buying decisions for luxury brands are high risk - high reward. One bad decision can make or break a season.
First Insight helps you to improve your buying decision process and increase your new product success rates.
- Test hundreds of new products
- Increase new product win rates and optimize pricing
- Gather input from a larger group of associates
- Keep new designs confidential by testing with trusted employees. Less sensitive designs can be crowd-source tested
- Improve geographic inventory allocation, minimizing stock-outs on strong sellers and the need to destroy excess inventory
- Increase employee engagement through a fun mobile app