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Price Point Your Way To Profitability

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Price Point Your Way To Profitability

By Teresa NovellinoScreen Shot 2013 01 07 at 10.11.30 AM
January 3, 2013

One of today’s press releases that stood out from the pack:

What’s happening: First Insight, a Pittsburgh-based company that provides a cloud-based solution for retailers regarding consumer preferences and pricing data, is rolling out a new, expanded platform at the National Retail Federation’s Big Show in New York, Jan. 13 through 16.

Why it’s of interest: It’s already known for having consumers play games to help provide retailers with insights on which products will sell best, but First Insight is now adding the ability to help companies accurately set entry price points, helping them to determine when they can charge more for a product than they might have previously believed, as well as who to target with new products. A re-designed user experience included in the new platform makes it easier for merchants and planners to view product performance results and make decisions, the company says. It's a way to use data to guide merchandising strategy, and with the rise of such information, we expect to see more companies breaking it down for retailers as First Insight does.

An excerpt of the release:

"Retailers and manufacturers have endless amounts of intelligence on product performance after products hit the stores. They know exactly which customers are buying which products, where those customers are, and what offers they respond to," said Greg Petro, CEO of First Insight. "First Insight now gives companies this same level of intelligence before the products are launched. We’ve moved the product/customer data frontier further back in the development and buy cycle, essentially offering a system of record for tomorrow’s products—today."