First Insight Introduces ElastiCast Pricing Optimization Platform

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First Insight has released ElastiCast, a solution designed to enable retailers to forecast price elasticity of new products to determine optimal prices and increase margins.

By collecting consumer data and processing it through First Insight’s proprietary algorithms, ElastiCast enables merchants, planners and marketers to analyze various pricing scenarios and predict how consumers will react to different price points throughout the product’s lifecycle — from initial pricing to markdowns to clearance. These results enable retailers to see the distribution of demand before they go to market, so they can set prices based on data.

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