Leading Warehouse Club to Use Predictive Analytics and Machine Learning to Assist with Buying Decisions
PITTSBURGH – August 16, 2017 – First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced that BJ’s Wholesale Club, a leading operator of membership warehouse clubs in the United States, will begin using First Insight’s consumer-driven predictive analytics. The tools will help BJ’s make design and buying decisions on the broad spectrum of products offered in its warehouse clubs.
“Providing the products our members really want at the right prices is critical to our growth strategy,” said Lee Delaney, Chief Growth Officer at BJ’s Wholesale Club. “First Insight is helping us make sure we have the right products, including seasonal assortments, with the features and prices our members value.”
First Insight uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. The solution will enable BJ’s to evaluate a greater number of products and reflect direct consumer input in their buying decisions.
“We are thrilled to be working with BJ’s, a leader and innovator among warehouse membership clubs,” said Greg Petro, CEO and Founder of First Insight. “First Insight will help BJ’s make efficient operational decisions about product assortments that will benefit both the company and its members. By introducing the voice of the customer through predictive analytics, BJ’s will increase their speed to market with trend-right products, targeted to their members.”
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower retailers and brands to incorporate the voice of the customer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.
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