Solution is delivering 3-9% gains in sales and margin by providing investment insight on new products.
PITTSBURGH, PA – April 25, 2012 – 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 for 2012 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 researched a number of companies in the retail industry, and selected four they felt were instrumental for prospective companies to review their product.
According to the 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 collected 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 report 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 decisions 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
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.”
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 data 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 merchandise profitability. Implementing First Insight’s predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Customers include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. For further information, please visit www.firstinsight.com.