PITTSBURGH, PA – July 19, 2017 – First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced that Gartner has listed the Company as a Representative Vendor in the April 2017 “Market Guide for Unified Price, Promotion and Markdown Optimization (UPPMO) Applications” report by Gartner Research Director Robert Hetu.
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This report covers technologies that use “predictive analytics and optimization capabilities to plan and manage every aspect of pricing (initial, regular, promotion and markdown).” The report notes that “individual price, promotion and markdown optimization solutions are being combined to form a unified solution to better align with the way that price is managed during the product’s life, whether short seasonal product or multiyear basic replenishment items,” and states that “UPPMO is a critical building block for delivery of unified retail commerce.”
According to the report, price optimization is predicted to represent 40 percent of technology investment planned in the next 12-24 months. Hetu recommends that
“retail CIOs seeking to incorporate UPPMO technology as part of implementing customer-centric merchandising and marketing should…support the strategic decision-making process before attempting to implement UPPMO by providing business leaders with the necessary multichannel customer analytics, including sales and profitability by customer segment.”
First Insight was listed as a representative vendor in the Market Guide. Gartner notes in the report that:
- Retailers of all types must facilitate a unified retail commerce experience by engaging in digital business transformation, which is built on a foundation of customer understanding.
- While certainly any vendor's software should help the retailer answer these questions, the application itself cannot be a substitute for an articulate pricing strategy and appropriate supporting process.
- Promotion optimization and competitive pricing stand out as investment priorities for many retailers.
Founded in 2007, First Insight is a cloud-based technology company and provider of the world’s leading platform for empowering retailers and brands to introduce the right products at the right price. The First Insight solution, InsightSuite, applies predictive analytic models to online data collected from thousands of consumers giving merchants, designers, marketers and planners insight into consumer demand and optimal entry price points for new products. First Insight’s accurate, scalable, high-speed solution can significantly reduce time to market, enabling companies to capitalize on winning products ahead of their competition.
“One of the biggest challenges retailers and brands face today is pricing,” said Greg Petro, President and CEO of First Insight. “Gaining greater control of pricing strategy needs to start from how products are priced on day one. Our consumer-driven predictive analytics platform empowers brands and retailers to price products in a way that mitigates risk of product failure and generates the highest return. We are proud to be included in Gartner’s Market Guide for UPPMO.”
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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 world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers.
For further information, please contact First Insight.
Berns Communications Group, LLC
VP, Marketing and Product Management