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In the age of Machine Learning and Artificial Intelligence, why are so many CPG brands and companies using decades-old methods to make product decisions?
Decision-making based on historical sales data and intuition is not enough to succeed in this competitive consumer products retail sector. Leading manufacturers are now integrating artificial intelligence in retail product decisions.
With our Predictive Analytics platform powered by Machine Learning and Artificial Intelligence, CPG brands and companies now have access to predictive, real-time data to make the right product decisions at rapid speeds.
First Insight’s InsightSuite Software Platform utilizes two important elements, The Voice of the Customer and Predictive Analytics, to enable CPG retailers, manufacturers, brands, wholesalers and licensees to make data-driven product decisions on new products by answering questions that include:
Contact us to see how First Insight works and how easy it is to get started with our InsightSuite platform.
First Insight’s Next-Gen Experience Management Platform provides a powerful, scalable, and easy-to-integrate solution that informs all the business decisions you face. Through advanced analytics including human computational modeling, Bayesian mathematical models, predictive analytics and APIs, First Insight’s platform represents a proven, breakthrough solution that helps you anticipate outcomes so you can build financial plans that you can achieve.
Understand More Through Better Listening
First Insight’s platform accumulates customer feedback on new products through social, email, and third-party panels to gather a statistically significant sample size. Our platform then performs an analysis of the responses using AI and Machine Learning—projecting the outcomes for vital product decisions within 24 to 48 hours. Our Platform’s Artificial Intelligence retail algorithm amasses over 8,000,000 new data points per month from 30+ countries to feed into our machine learning algorithms. Each consecutive test is more accurate than the one before, creating refined and accurate predictive results.
The AI and Machine Learning results provide the insights you need in the form of product recommendations, qualitative customer comments, and price elasticity data. With First Insight’s cloud-based platform, data output is interactive and allows you to hone in on specific customer comments and responses. If a product’s projected performance does not match expectations, it is easy to identify the reason behind the data and make design or pricing adjustments to improve performance.
First Insight’s Predictive Analytics platform also provides demographic details by age, gender, and location to show how each product performs by segment. Whether you are targeting young men, loyal customers of competitors, or residents of the UK, you will have the answers necessary to make the right product decisions.
Now we can make fact-based decisions and do it more efficiently. We are never going back to the old way of conducting line reviews.
First Insight’s analysis of consumers’ merchandising preferences, print favorites, and style trends provides our teams with pre-season insight into new product performance, giving them more confidence in the buying decisions and allowing us to tailor our assortment to match our consumers’ needs
Intuition and historical data will always play a role in product decision-making. But, educated guessing is not enough to beat the competition in this competitive CPG retail landscape. Channel the power of AI in retail to make the right CPG product decisions faster.
For over a decade, leading companies worldwide have used the First Insight solution to create winning offerings and experiences. The results? Up to 80% higher new offering success rates, 4-10% gains in revenues and margins, and 10-15X ROI. Learn more about how we do what we do and the value we can bring to your business.