Wholesale

Whether it's style, price, or subtle differences in color, each retailer's customers have distinct buying needs.

Beating your sales numbers – and your competition – requires understanding each retailer's customers and placing the right assortment mix in their stores. 

As a wholesaler, you are focused on the product. But this brings challenges on both the “buy” and “sell” side.

On the “Buy” Side:

  • Identifying which designs and attributes will resonate with consumers, 12-18 months in advance
  • Reducing the cost of manufacturing samples and increasing the adoption rate
  • Determining how deeply to buy each new item to avoid stock-outs and over-stocks

On the “Sell” Side:

New products fail at a rate of over 50%, according to Gartner and other sources. First Insight’s benchmark data show that new product failure rates are actually well over 60%.


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Focus Groups and Other Research Methods

Some manufacturers will run focus groups or online surveys to gauge consumer feedback on new products. The challenges with these approaches are that they typically take weeks, are very costly, and the feedback is limited to small numbers of individuals and is not predictive of results. First Insight delivers predictive consumer feedback with speed, scale and science.

First Insight works with wholesalers to drive new product success:

On the “Buy” Side:

  • Enabling hundreds or thousands of products to be tested within 24-72 hours
  • Providing rapid feedback from thousands of end-customers, segmented by retailer
  • Identifying winning attributes – colors, patterns, design elements, etc.
  • Testing at the CAD stage as well as the sample stage, reducing sample costsincreasing the adoption rate, and optimizing SKU performance

On the “Sell” Side:

  • Enabling your sales team to get closer to their retail buyers, armed with data on which products will resonate with the customers of each retailer, and at what price
  • Applying predictive analytics to forecast top sellers so your merchants and planners have confidence to make deeper buys, up to 18 months in advance
  • Forecasting price elasticity, including a forecast of the Average Unit Retail price and optimal initial price of each item

Click here to schedule a meeting.