Retailer Continues to Confirm Value Delivered by First Insight’s New Product Selection and Pricing Solution
PITTSBURGH, PA, March 15, 2016 – First Insight, the leading provider of predictive analytic solutions that empower brands to incorporate the voice of the customer into the design, merchandising and pricing of new products, today announced a renewal of its long-term partnership agreement with David’s Bridal, Inc, the leading US retailer of bridal gowns, bridal party dresses and accessories. First Insight’s consumer-driven predictive analytics continue to help David’s Bridal make faster and more accurate design, buying and pricing decisions, thereby mitigating risks associated with new product introductions.
“David’s Bridal is delighted to be extending our six-year partnership with First Insight,” said Pam Wallack, CEO of David’s Bridal. “First Insight’s analysis of consumers’ merchandising preferences and style trends provides our merchants with pre-season insight into new product performance, which gives them more confidence in their buying decisions and allows us to tailor our assortment to match our customers’ needs. We have renewed our agreement based on an extensive assessment of the value First Insight delivers.”
In partnering with First Insight, David’s Bridal gains strategic investment guidance on thousands of new products and designs. First Insight engages David’s Bridal customers through online social engagement tools to gather real-time data on new products. This data is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
“First Insight enables us to test a broader range of styles - faster and more accurately than we could with in-store testing,” said Mark Chrystal, SVP, Chief Supply Chain Officer for David’s Bridal. “With First Insight, we have improved our forecast accuracy by over 20 percent compared to our previous store testing process, and we are able to accelerate our time to market by several months. We are also able to improve inventory productivity based on the information provided to us about our customer by First Insight as we are able to buy deeper on a narrower range of high performing SKUs.”
First Insight’s solution enables retailers such as David’s Bridal 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.
“We are proud to be a part of David’s Bridal’s continued success and to be extending our partnership,” said Greg Petro, President and CEO of First Insight. “Over the last six years, our platform has evolved significantly, but the value we deliver to retailers such as David’s Bridal has remained unchanged. We look forward to continuing to drive results with them and with our other retail and brand partners.”
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 PDF of press release.