First Insight named in CIO Bulletin's 30 Most Innovative Companies 2019
Since the dawn of the smartphone, retail has been in a state of disruption. There are currently more smartphones than people in the world, and this fact has firmly planted consumers in the driver's seat when it comes to how they buy. It has also powered new retail models, shifted expectations for personalization and fast-fashion and given rise to retail industry behemoths like Amazon who are masters at meeting and shaping consumer expectations for what is possible in a digital world.
The retail industry is driven by companies that embrace innovation and personalization. This has reshaped how retail is now doing business, from modernizing product development, to shortening lead times, to putting personalized consumer information in the hands of in-store sales associates, to even how and where consumers are targeted with personalized marketing initiatives and advertisements. Core to the success and failure of many new and traditional retailers has been the ability to capture data, analyze it in real-time and move at the speed of the click. While consumers are evolving rapidly, continually disrupting the industry, retailers are now smart enough to keep up, provided they are willing to continue to capture, curate, and leverage the power of their own data with consumers in the center. Those that do will continue to win.
As a company, First Insight has been at the forefront of innovation by using online social engagement tools to gather real-time preference, pricing, and sentiment data on future product offerings. While retailers have long been applying analytics to historical data sales data, the challenge for new products is that history is often of limited value.