'Customer Delight' using AI and Predictive Analytics

July 15 2019 by Nitish Varshney

‘Customer-Delight

It’s always easier said than done! This fits true in case of fashion retail industry as well because introducing new apparel products carries massive risk, and chances of their failure increase if a retailer does not study the market properly or read the minds of customers. However, the major question that a retailer asks is – How to read consumer’s mind? And the answer is – Switch to ‘customer-centric merchandising’. Now the issue remains in the fact that there are a number of companies that claim to provide such technologies to retailers, but only a few of them are proven and tested by leading apparel retailers. This article talks about how First Insight, Inc., a US-based technology company, is challenging the traditional retail.

First Insight, Inc., which transforms how leading retailers make product investment and pricing decisions, is increasing predictive capabilities, forecasting precise price, targeting customer segmentation data and recommending accurate buy quantity on new products through its ‘customer-centric merchandising’ platform. Peter Jeavons, Managing Director (Europe), First Insight, Inc. told Apparel Resources that fashion retail industry doesn’t need new technology, instead mature technologies, which are already available in the market but need to be adopted. “Digital product creation, advanced analytics and insights, smart connected supply chain and foundational product technology are some areas where retailers should focus to pace up with the changing trend. Our customer-centric merchandising platform is one-stop solution to improve these areas,” said Peter.

First Insight strongly believes a ‘winning decision’ can only be driven by analytics rather than instinct or experience alone. There are certain challenges that the fashion retailers are facing such as excessive markdowns, setting entry price points, store testing, fluctuating product success rate, low forecast accuracy and deteriorating design decisions which, collectively, can erode profit margins and hamper brand’s image to a great extent. Customer-centric merchandising platform provided by First Insight applies machine learning and predictive analytics to provide retailers with the relevant information and some strongest recommendations on the products they are bringing to market. “This is an era of ‘Design-Sell-Make’ concept, so apparel brands and manufacturers need to give up ‘Design-Make-Sell’ strategy if they want to cater to hyper-connected consumers,” suggested Peter.

Read the Full Article If you are an Apparel Resources member you can read the full article here.

predictive analytics  Improve Forecast Accuracy  Targeting  customer-centric merchandising  Machine Learning  customer centricity  artificial intelligence  digital product testing

Download the Full Article

Featured Product

InsightSuite for Small Business

Specialized Tools for Small & Emerging Businesses

The fastest and most cost effective way to increase sales, profits and sell-in for growing businesses and digitally native brands.

Learn more
Free Ebook

Maximize Value, Speed & Profit

Learn how to leverage Voice of the Customer Analytics and 3D Product Creation to make more profitable products, faster.

Get the Free E-book
Roundtable Video

Kohl's Creates Value W/Predictive Analytics

Learn How First Insight's Predictive Tools Fuel Kohl's Success

As one of the world's leading omnichannel retailers with more than 1,100 stores in 49 states, Kohl's is leveraging First Insight's predictive analytics solution and voice-of-the-customer data to improve their business.

Watch the Webinar
Webinar

Consumer Sustainability Survey 2021

The First Industry-Wide Consumer Study On Shoe Sustainability

This industry-wide survey aims to create a critical baseline that brands and retailers can use to ensure they understand what consumers actually comprehend, what terms and phrases resonate best, and what areas they should prioritize.

Download the Webinar & Findings
Supply Chain & Pricing

Navigating Disruption

How The Rockport Company is Optimizing Assortments and Pricing with Data + Digital Product Testing

Learn how The Rockport Company created a new product playbook powered by the Voice of the Customer and predictive tools.

View the Webinar & Highlights

HIGHEST DEMONSTRATED ROI. GUARANTEED.

Unparalleled Value Delivery and Lowest Total Cost Provider


Our industry-leading platform takes your experience management operations from reactive to proactive. We empower you to create products, brands, and customer and employee engagement that deliver growth to both your top and bottom lines.