Pier 1 Imports to Use Predictive Analytics for Merchandise Categories
PITTSBURGH, PA -- First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced an agreement with Pier 1 Imports, Inc. (NYSE: PIR), a leading retailer of exclusive home décor and furniture. Pier 1 Imports specializes in offering its customers distinctive home furnishings and décor at a great value. Using First Insight’s consumer-driven predictive analytics, Pier 1 Imports will be able to more quickly and accurately make design, buying and pricing decisions for its furniture, tabletop items, decorative accessories and seasonal décor categories, as well as evaluate opportunities for new product launches.
“First Insight’s expertise will complement our identification and analyses of new product and category offerings and enhance informative decision making based on direct feedback from consumers, including Pier 1 Imports customers,” said Cathy David, Executive Vice President of Merchandising for Pier 1 Imports. “By working with First Insight, we will gain a more comprehensive understanding at the beginning of our product selection and development process of what customers perceive as distinctive products at a great value, thereby helping maximize our sales and profit potential.”
First Insight uses online social engagement tools to gather real-time pricing and sentiment data on potential product offerings. That information is filtered through First Insight’s predictive analytic algorithm to determine which products present the greatest opportunity. The solution:
- Evaluates a greater number of designs or products quickly, increasing speed to market
- Calibrates inventory buys based on direct consumer input and predictive analytics
- Optimizes pricing and allocation strategies to maximize ROI
"We are thrilled to be working with Pier 1 Imports, an innovative retail brand with a history of delivering unique products at a competitive value to its customers,” said Greg Petro, CEO and Founder of First Insight. “By leveraging the speed and scale of our predictive models, we plan to assist Pier 1 Imports with its ongoing process to merchandise the right products to meet the changing tastes and needs of its customers, in both existing product categories and new product lines.”
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the consumer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of the world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.
About Pier 1 Imports, Inc.
Pier 1 Imports is dedicated to offering customers exclusive, one-of-a-kind products that reflect high quality at a great value. Starting with a single store in 1962, Pier 1 Imports’ product is now available in retail stores throughout the U.S. and Canada and online at pier1.com. For more information about Pier 1 Imports or to find the nearest store, please visit www.pier1.com.
First Insight Company Contact:
VP, Marketing and Product Management
Berns Communications Group, LLC