First Insight, Inc., a global technology company transforming how leading retailers make product investment, pricing, and marketing decisions, has been named as a “Major Player” by IDC, the premier global market intelligence firm in the IDC MarketScape: Worldwide B2C Retail Price Optimization 2019 Vendor Assessment. The report was written by Greg Girard and Mark Thomason and published in May 2019.
IDC assessed the price optimization market and identified how solution providers compare with one another. First Insight was noted as the only price optimization company to supply merchants with collective intelligence based on systematic wisdom-of-crowds analytics.
“We are proud to be identified as a major player in IDC MarketScape: Worldwide B2C Retail Price Optimization 2019 Vendor Assessment and are confident our technologies are helping retailers and brands navigate the challenging market pricing landscape,” said Greg Petro, CEO of First Insight. “By helping retail companies understand the voice of their customers and giving them the tools to leverage the data behind our predictive analytic models, we are allowing them to optimize product and pricing decisions and reach their full potential for growth and profitability.”
Founded in 2007, First Insight is a cloud-based technology company and provider of the world’s leading customer-centric merchandising platform for empowering retailers and brands to introduce the right products at the right price. The First Insight solution, InsightSuite, applies predictive analytic models to online data collected from thousands of consumers, giving merchants, designers, marketers and planners insight into consumer demand and optimal initial price points for new products. First Insight’s accurate, scalable, high-speed solution can significantly reduce time to market, enabling companies to capitalize on winning products ahead of their competition. Retailers and brands benefitting from First Insight’s technology have been able to reduce markdowns by 25%, reduce time to market by half, raise prices on 11% of new products and increase the number of successful products by 30-80%. Typical results are increases in gross margin of 3-9%.
About First Insight, Inc.
First Insight is the world’s leading customer-centric merchandising platform that empowers retailers and brands to incorporate the Voice of the Customer into the design, pricing, planning, and marketing 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, plan and market the most profitable new products for reduced markdown rates and 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.
IDC clients can access the full MarketScape here.