Solution is delivering 3-9% gains in sales and margin by providing investment insight on new products.
PITTSBURGH, PA – January 1, 2015 – First Insight, Inc., a technology company transforming how leading retailers make new product investment decisions, announced it was chosen as a Cool Vendor in Retail in 2012 with an update in 2014 by Gartner Inc.
Gartner, Inc. (NYSE: IT) is the world's leading information technology research and advisory company. Gartner delivers the insight necessary for their 12,000 clients to make the right decisions on their technology investments every day.
Each year, Gartner identifies vendors in key technology areas and publishes a series of research reports highlighting these innovative vendors and their products and services. Gartner researches a number of companies in the retail industry, and selects four they feel were instrumental for prospective companies to review their product.
According to the 2012 Gartner report, "One of the most difficult challenges merchants face revolves around product introductions. How will an item that is new to the retailers' assortment or new to the market perform?"
The First Insight solution provides actionable inventory investment guidance on new products by applying analytic models to data cllected from online consumer interactions. Retailers adopting these recommendations are realizing gains in sales and gross margin dollars of 3-9%.
"We consider our inclusion in the Gartner reports to be further confirmation that our solution is delivering measurable value for retailers," said Greg Petro, founder and CEO of First Insight. "As a former retail merchant, it is exciting to see merchandising organizations leveraging our predictive consumer data to make critical decisiions on new products. We're pleased to be acknowledged by Gartner and look forward to helping more retailers become winners in their categories."
In addition to delivering sales and margin gains through better inventory decisions, retailers are realizing margin gains through setting more accurate entry price points for new products. The 2012 Gartner report states: "The 'How much would you pay?' responses have, in some cases, recommended higher retail prices than the merchant would have deemed appropriate, again increasing margins."
The 2014 update noted, "First Insight reports that, on average, customers realize 10 to 15 times ROI with gross margin gains of $5 million to $25 million annually, depending on the size of the retailer. In addition, customers typically realize a 50% to 100% improvement in new product success rates."
About Gartner's Cool Vendors
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of teh opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warraties of merchantability or fitness for a particular purpose.
About First Insight, Inc.
First Insight is the leading solution for providing inventory investment and pricing guidance for products that are new to retail assortments. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer preference and pricing ata and applies a predictive model to create actionable insights, which inform new product decisions. Retailers use the First Insight solution to select the most profitable new products for improved sales, margins and inventory turnover. With the use of First Insight data, retailers gain a forward-looking view of customer demand and merchadise profitability. Implementing First Insight's predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing deciisons. Customers include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. For futher information, please visit www.firstinsight.com.