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Product Pricing is one of the most difficult decisions retailers and brands make on a daily basis. They ask themselves, “What are our customers willing to pay? Are we leaving money on the table, or is this a markdown waiting to happen?” Thankfully, retailers and brands do not need to guess anymore.
First Insight’s InsightSuite uses Predictive Analytics and the Voice of the Customer to forecast how a product should be priced—even without any sales history—for effective retail price optimization.
Pricing Winning Products
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 Platform then analyzes the responses—forecasting the outcomes for key product decisions within 24 to 48 hours. The results include clear product recommendations, aggregated customer comments, and vital price sensitivity data. The pricing data features an elasticity curve for each product and predicted Average Unit Retail (AUR) aligned with your business’ typical markdown cadence. Our platform allows you to easily identify winning products, and price them right from the outset.
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
On a large scale, a small price change in either direction makes a significant impact on your retail business’ bottom line—showing the power of price optimization.
By using First Insight to optimize their initial pricing and markdown cadence, our customers are making better pricing decisions – faster – to get to market quickly with the right products at the right price.
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
First Insight’s Retail Optimization Software allows you to truly understand what your customers are willing to pay for a given product and their demand at certain price points—allowing you to adjust accordingly. By using our platform, you can establish an effective, repeatable pricing strategy.
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.
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