Consumer products are often plagued with high failure rates as high as 80%. Why are so many retailers and CPG companies still making product decisions with the same methods as they did 50 years ago? Machine Learning & Artificial Intelligence decision-making based on historical sales data and intuition is simply not enough to win in this competitive retail and CPG sector. With our Predictive Analytics platform that utilizes Machine Learning and Artificial Intelligence, retail and CPG brands now have access to forward-looking, real-time data to make better decisions faster.
First Insight’s InsightSuite Software Platform utilizes two vital components, The Voice of the Customer and Predictive Analytics, to enable CPG brands, manufacturers, retailers, wholesalers and licensees to make better product decisions on new products by answering questions that include:
- Which new product concepts resonate best with the target segment and should move forward in the development process – and which ones should be eliminated?
- Which design elements and attributes are most valued by consumers?
- Which packaging designs, descriptions, and claims will win with consumers?
- How should a new consumer product be priced, even without any sales history?
- How much inventory should retailers/brands buy or manufacture?
- How should a product be targeted to specific customer segments, retail channels and geographies?
How our Platform Works: Machine Learning and Artificial Intelligence
First Insight’s platform collects customer feedback on new product designs through social, email, and third-party panels to gather a statistically significant sample size. Our solution then analyzes the responses using AI and Machine Learning—forecasting the outcomes for key product decisions within 24 to 48 hours. Our Platform’s AI algorithm collects over 8,000,000 data points per month from consumers and retail manufacturers in 30+ countries to feed into our machine learning algorithms. Each consecutive test is more accurate than the last, creating fine-tuned and truly predictive results.
The Answers you Need Across the Entire Product Development Cycle
The AI and Machine Learning results provide the answers you need in the form of clear product recommendations, aggregated customer comments, and price sensitivity 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 “why” behind the data and make design or pricing changes which can improve performance.
First Insight’s Predictive Analytics platform also provides demographic details by age, gender, and location to show how each product resonates by segment. Whether you are targeting young women, customers of competitors, or residents of Canada, you will have the answers you need to make the best product decisions.
As a fast-growing nutritional supplements company, Nutrabolt is focused not only on getting the product right, but on making sure we have the right packaging, labeling and pricing. Also, since our products are offered through multiple channels...Using First Insight, within 24 hours, we have actionable data from our customers – all segmented by retail channel. This has helped generate measurable gains in sales and margins.
EVP and GM North America
First Insight’s technology gives us invaluable feedback on new products during design and development, so we can buy more of what our customer likes and eliminate products that score less well.
Director of Supply Chain and Logistics
There is no history on a brand new product. When you're innovating new products, you can't use POS historical data — you have to predict behavior. That's what's so powerful about this.
CMO Randa Accessories
First Insight’s Predictive Analytics, AI, and Machine Learning puts the customer in the center of your product decisions, and offer the products they want to buy.
On average, our retail and brand customers:
- Increase new product success rates by 30-80%, improving forecasting accuracy.
- Increase gross profit by 3-9%.
- Increase speed-to-market by reducing product launch time up to 30%.
Historical data and intuition will always play an important role in decision-making.
But, in this crowded retail landscape, educated guessing is not enough to beat the competition. Harness the power of Predictive Analytics, AI, and Machine Learning to make the right product decisions faster.