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Predictive analytics company First Insight inked partnership agreements with four companies, extending its services into sporting goods and home furnishings.
The firm’s new partners include Dick’s Sporting Goods, Eddie Bauer, Caleres and At Home.
First Insight’s product suite includes ForeSight, InsightTargeting and InsightSuite for Wholesale, which help companies launch products that more readily resonate with shoppers by homing in on the right product type, color, style and price point.
Fashion has long been a business run on gut instinct, with buyers sensing what the consumer based on past sales and the mood in stores and placing their bets accordingly. That’s starting to change as the Web provides more data points on what shoppers are interested in.
Keith Duplain, senior vice president and general manager at footwear company Caleres, said “being able to present direct consumer feedback during line reviews really elevates the discussions we have with our retail partners. Our sales team is more confident making line recommendations and our partners feel they are making more data-driven, consumer-based decisions.”
Alissa Ahlman, chief merchandising officer for At Home, said with the company’s “expansive depth of product offering, introducing the right new products for our targeted customer remains key to our brand’s success.” At Dick’s, Lee Belitsky, executive vice president of planning, allocations and product development said his company uses First Insight to test products, “both branded and private label – before making our buys,” which is “increasing speed to market of the right items.”
First Insight recently wrapped up $14 million in additional funding with financing from Updata Partners. Last week, the company noted that it increased its employee base by 50 percent over the past year while expanding into new markets in Europe, Asia and Latin America.
First Insight president and chief executive officer Greg Petro was recently named to “The List of People Shaping Retail’s Future” by the NRF Foundation, the nonprofit arm of the National Retail Federation.