- Retail Products
- XM Products
Fast-changing consumer preferences, inflation, and supply chain disruptions are currently top-of-mind for all retailers and businesses alike. Companies need to be more strategic in their decision-making process now than ever.
Historical sales, in-store testing, and taking a rough guess are things of the past. Using predictive analytics, machine learning, the voice of your customer, and artificial intelligence is the only logical approach to successfully and confidently knowing what your customer wants.
The Rockport Company uses First Insight's predictive analytics platform and real-time voice-of-customer price elasticity data to enhance customer knowledge and improve product offerings, brand message, and pricing.
With objectives around new product assortment, technology, and pricing strategy, First Insight's predictive analytics allowed Rockport to confidently make decisions. As a result, product testing time was cut in half (Fall/Winter 2022 to Spring/Summer 2022) with the launch of their high-scoring new women's silhouette (the ProWalker Next), allowing distribution to occur without a sample viewing. Being able to gain insight into the consumers' minds, Rockport was additionally able to invest in waterproofing, as consumers responded exceptionally well to the messaging around this new technology. The overall sentiment from consumers showcased they were willing to pay more for this footwear technology, maximizing margins and sell-thru in their pricing strategy. All in all, Rockport was able to "cut the long tail" and focus on high value scoring products, resulting in optimized assortments.
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