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First Insight launches retail-focused conversational AI copilot
First Insight announced this week that it's allowing "major retailers" to beta test a new conversational Al co-pilot it calls Ellis.
First Insight did not disclose which of its clients have started participating in the beta test, but it partners with companies like Under Armour, Kohl's, Francesca's and Marks & Spencer.
Ellis is meant to help brands and retailers scenario plan, leveraging predictive analytics and natural language processing (NLP) to provide real-time insights that can shorten the decisioning process.
First Insight said Ellis can leverage internal data to help planners, merchandisers and other retail professionals with ensuring their assortments match consumers' interests and expectations; understanding the best price point for specific items; forecasting demand; aligning marketing spends and campaigns with selling goals; compressing time to market and more.
First Insight is testing the tool as retailers head into the holiday season, which is one of the sector's most critical timeframes of the calendar year. That's especially true as the macroeconomic environment fluctuates and holiday spending among some generations, particularly Gen Z, is expected to decline.
Greg Petro, CEO of First Insight, said the tool will help brands and retailers bring data into many of the decisions they make, which can enrich decisioning and provide sound reasoning for their actions, rather than making decisions using gut feeling and historical spending patterns alone.
"Retail doesn't win on intuition anymore," Petro said in a statement. "Ellis turns signals into decisions-on product, price and promotions-at the moment retailers need them most and with a competitive understanding never before available. It's about speed with confidence: protecting margins, finding growth and staying in step with customers as they shift."
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