First Insight Listed as a Representative Vendor in the Gartner® 2022 Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications for both Short and Long Life Cycle Products
First Insight helps brands and retailers optimize their pricing across all channels to improve sales and consumer satisfaction
Pittsburgh, PA—August 30, 2022 – First Insight, the world leader in Next-Gen Experience Management (XM) for many of the world’s leading vertically integrated brands, department stores, consumer products companies, mass merchant retailers and wholesalers, today announced that it has been identified as a Representative Vendor in the 2022 “Gartner Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications – Short Life Cycle” report and the “Gartner Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications – Long Life Cycle” report. Gartner named First Insight as a Representative Vendor in Retail Unified Price, Promotion and Markdown Optimization Applications in Merchandising in both reports.
According to Gartner, “Now more than ever, UPPMO is a ‘must have’ business process for retailers of short life cycle products… For short life cycle retailers in particular, pricing is no longer just an art. To maintain healthy profits, pricing must also be approached as a science. This is why retail CIOs must leverage the preciseness and capability of AI-driven UPPMO applications.” *
According to Gartner, “The global market for UPPMO is composed for multichannel retail companies. UPPMO applications use predictive analytics, algorithms, and optimization capabilities to plan and manage every aspect of pricing. These technologies can provide improved pricing and promotion planning and management throughout the entire life cycle of the merchandise.” **
“We believe that First Insight’s inclusion in Gartner Market Guides for both short and long life cycle products confirms the value we offer to ALL businesses across diverse sectors as they attempt to navigate the turbulence of rising material costs, inventories misaligned with demand, and recessionary pressures,” said Greg Petro, CEO, First Insight. “Retailers and brands today face significant challenges and offering the right price across all consumer touchpoints is one of the most critical. By using predictive analytics and voice-of-customer software to optimize pricing, companies are better equipped to keep pace with consumers’ fast-changing needs, preferences, and willingness to pay. The best part is we are proven to deliver the results in driving better decisions on pricing.”
First Insight’s pricing software uses consumer insights coupled with predictive analytics. With over 15 years of industry data, it's solutions enable companies to establish optimal pricing across all points of a product’s life cycle. First Insight’s Next-Gen Experience Management Platform provides a powerful, scalable, and easy-to-integrate solution that informs all the business decisions retailers, brands, and manufacturers face. Through advanced analytics including human computational modeling, Bayesian mathematical models, predictive analytics, and APIs, First Insight’s proven platform helps retail executives anticipate outcomes and achieve financial plans. The First Insight platform scales from startups to some of the world’s largest organizations yet is easy to use and can be deployed quickly providing results in hours not days or weeks.
Gartner clients can view the full short life cycle report here and long life cycle report here.
*Gartner, Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Short Life Cycle, Jonathan Kutner, 28 July 2022
**Gartner, Market Guide for Retail Unified Price, Promotion and Markdown Optimization
Applications Long Life Cycle, Jonathan Kutner, 28 July 2022
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About First Insight
First Insight, the world leader in Next-Gen Experience Management (XM), is transforming how companies make better decisions leading to a sustainable future. Customers include some of the world’s leading vertically integrated brands, department stores, consumer products companies, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.
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