Retailer deploys First Insight’s predictive analytic solution for new product selection and pricing following extensive due diligence process
PITTSBURGH, PA – January 13, 2016 – DICK’S Sporting Goods (NYSE: DKS), the leading omni-channel sporting goods retailer in the U.S., and First Insight, the leading provider of consumer-driven predictive analytic solutions, today announced a multi-year partnership agreement. As part of the agreement, First Insight is applying its consumer-driven predictive analytics to help DICK’S make faster and more accurate product design, merchandise buying and pricing decisions.
The partnership is based on DICK’S affirmation of First Insight’s solution during a thorough due diligence process. In partnering with First Insight, DICK’S gains strategic guidance on thousands of products and designs. Through online consumer engagements, First Insight enables DICK’S to gather real-time consumer preference and pricing data on candidate products, months before they are launched in the market. The data are filtered through First Insight’s predictive analytic solution to determine which products present the greatest sales and gross margin opportunity.
First Insight’s solution enables DICK’S to consumer-test branded and private label products in multiple categories, including sports equipment, apparel, footwear and accessories. DICK’S is empowering designers, merchants, buyers and planners to gain real-time consumer predictive analytics throughout the merchandising organization and the product development lifecycle.
“First Insight is now a critical element in our product decision-making process,” said Lee Belitsky, Executive Vice President, Planning, Replenishment, Allocations, and Product Development, DICK’S Sporting Goods. “By using First Insight to test items – both branded and private label - before making our buys, we are increasing speed to market of the right items. After evaluating the solution for an extended period, we have projected the solution will deliver a strong return on investment.”
“We are excited to be partnering with DICK’S, the unquestioned leader in sporting goods in the U.S.,” said Greg Petro, President and CEO of First Insight. “Our mission is to provide brands and retailers such as DICK’S with fast, scalable and actionable data which let them make product decisions with confidence. We look forward to continuing to drive measurable results in the industry and with world class companies such as DICK’S Sporting Goods.”
About DICK'S Sporting Goods, Inc.
Founded in 1948, DICK'S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of October 31, 2015, the Company operated 645 DICK'S Sporting Goods locations, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated associates, in-store services and unique specialty shop-in-shops. Headquartered in Pittsburgh, PA, DICK’S also owns and operates Golf Galaxy, Field & Stream, True Runner and Chelsea Collective specialty stores. For more information, visit the Press Room at DICKS.com.
Contact: DICK’S Sporting Goods – [email protected]
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower 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 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. Download the pdf here.
First Insight Media Contact:
(415) 963-4174 ext. 17
First Insight Company Contact:
Gretchen Jezerc, VP of Product Management and Business Development
First Insight, Inc.