In a new partnership with First Insight
, mall staple The Limited
is using the vendor's consumer engagement-based predictive analytics technology to make more accurate buying and pricing decisions for new products.
The First Insight solution uses online social engagement tools to gather real-time preference, pricing and sentiment data on new products. This information is filtered through First Insight's predictive analytic models to determine which products present the greatest opportunity.
First Insight's solution enables retailers to:
- Evaluate thousands of designs or products quickly, increasing speed to market and reducing in-store testing costs.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Determine optimal entry price points and forecast average unit retail (AUR) prices.