First Insight Inc. has rolled out a new price optimization solution aimed at helping retailers and brands face the challenges of inflation on consumer spending. First Insight also launched “Ask & Answer” to further expand the company’s Insightsuite’s “Pick & Price” and “Rate & Rank” customer engagement functions.
The impetus behind launching the new price optimization solution was the executive sentiment on pricing revealed in a recent report conducted by First Insight and WWD, which found that 40 percent of retail executives acknowledged that “in the face of ongoing business challenges, pricing was the one area within their control,” First Insight said in a statement.
“Pricing far outweighed other critical business priorities including inventory investment; inventory and supply chain logistics; customer retention and acquisition; store operations and labor, and last-mile logistics,” First Insight said in a statement, adding that 60 percent of retail executives polled feel that “voice of the customer” solutions and analytics software (such as First Insight’s Price Optimization Solution) is “important or very important to their businesses.”
The company described the price optimization technology as unique as it unlocks key customer insights while giving retailers and brands “the data they need to determine optimal opening price, promotional pricing and markdown price points for products while also gathering specific product feedback from your customers.”