Li & Fung, First Insight Collab May Mean Reduced Markdowns in 2020

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Li & Fung and First Insight may have a solution for getting supply chain buys in line with consumer demand.

The Hong Kong-based supply chain solutions leader and the product decision-making platform announced Thursday an agreement that will see First Insight’s Voice of the Customer analytics integrated with Li & Fung’s Digital Product Development solution to help brands and retailers buy with more confidence, minimize markdowns and end the season with less excess stock.

“We have been investing in our Digital Product Development services for the past three years, bringing together technologies that support our goal of creating the Supply Chain of the Future,” Li & Fung group CEO Spencer Fung said in a statement. “First Insight brings the leading digital consumer product testing solution and we are using it to complement our digital services and help our customers improve sales and margins.”

Already, Li & Fung’s integrated digital supply chain platform can connect retailers with suppliers, allowing for “end-to-end data capture and visibility.” With First Insight’s input on digital consumer testing, those using the solution will be able to review consumer insights and make smarter decisions about product development sooner.

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partnership  retailers  analytics  voice of the customer  design  Reduce Markdowns  Set Entry Price Points  supply chain challenges  3D Design  partnerships  data analytics  supply chain  digital product testing  price optimization  Li & Fung  sell through  digital supply chain solution