Choosing winning products far in advance of a season is one of retail’s biggest challenges. Assortment plans based on historical data, in-store testing, and intuition—while sometimes effective—can lead to inaccurate forecasts that result in excess inventory and markdowns. Merchandising is a tough discipline, and sometimes it seems only a crystal ball could make it easier. However, as retail competition heats up and e-commerce mogul Amazon continues to collect and leverage detailed data on its customers’ preferences and buying behaviors, traditional retailers need tools to compete. Realizing this, Crocs strategically partnered with First Insight in 2017. Powered by the Voice of the Customer, our tool has become an important part of Crocs’ Assortment Planning process.
This month, you can read about our partnership with Crocs in the National Retail Federation’s STORES Magazine. The article, entitled “Pick Me a Winner,” discusses how Crocs uses data to successfully improve product innovation and expansion. “The consumer insight Crocs has gained from the [First Insight] platform has helped it develop a sharpened identity of styles, product attributes and positions to resonate within certain customer segments” says Ed Wunsch, VP of Marketing Analytics at Crocs. By incorporating the Voice of the Customer, they have been able to increase new product success and gross profit. From the original classic clogs to now boots, sandals, and sneakers, we have been by Crocs’ side helping them “expand the mold.” You can read the full article now in STORES Magazine February/March digital edition.
First Insight held a Crocs Office Party to celebrate our partnership with Crocs featured in the article. Our employees participated by wearing Crocs and posting pictures to Instagram. Scroll through the pictures below, or check out our Instagram for the live posts from the day.
We are proud partners of Crocs and cannot wait to celebrate their continued successes!