The brand best known for its smiling pink whale logo is improving pricing, design and buying decisions by using an innovative data source.
By partnering with First Insight, Vineyard Vines will leverage the company’s online social engagement tools to gather real-time product pricing and sentiment data from its customers. This information will then be analyzed by First Insight’s predictive models.
Results will enable Vineyard Vines to more quickly and accurately make design, buying and pricing decisions that improve sales, margins and inventory turnover both in stores and online. Specifically, “the voice of the customer” will help the retailer increase speed to market with the right styles, targeted to their core customer.
“Through First Insight’s predictive analytics, we will gain visibility into our customers’ preferences in a way that hasn’t been possible for us before,” said Mike Gaumer, president of Vineyard Vines.
The retailer validated the solution’s return on investment (ROI) by measuring a direct increase in online conversions and full-price sales. “Ultimately, First Insight is helping us deliver on two of our corporate goals; building great relationships with our customers and driving profitable sales,” Gaumer added. “By bringing winning products to market that align with the needs of our distinct customer base, we will increase traffic both in-store and online while engaging our customers more effectively.”
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