Pittsburgh, PA—June 6, 2023 — Global leader in Voice of the Customer (VoC) retail solutions, First Insight, Inc. is named as a "Major Player" in the IDC MarketScape: Worldwide Retail Price Optimization Solutions 2023 Vendor Assessment, (Doc# US49458922), March 2023. This is the second time First Insight was named as a “Major Player” in this report.
With the combined strength of AI and consumer insights, First Insight is catalyzing transformative changes in the retail sector, providing retailers and brands with predictive insights to strategize products, pricing, planning, and marketing decisions – all aiming to deliver profitable products and superior customer experiences.
The IDC MarketScape assessment process is a meticulous evaluation of solution providers within the retail price optimization market. This involves determining their relative positioning by considering detailed surveys and interviews with vendors, publicly available information, and end-user experiences. The outcome provides an accurate, consistent overview of each vendor's characteristics, behavior, and capabilities.
“We believe being recognized as a 'Major Player' in the IDC MarketScape for Worldwide Retail Price Optimization Solutions validates the exceptional benefits our customers gain through our deep comprehension of consumer demand and optimal pricing strategies,” said Greg Petro, CEO, First Insight. “Addressing pricing complexities before the buy is instrumental in achieving sales, margin, and inventory goals. We are immensely proud that our continuous commitment to providing actionable insights is gaining industry recognition.”
First Insight is reinventing the approach retailers and brands take towards pricing decisions. Their AI-powered InsightSUITE platform significantly expedites the process of retail price optimization by generating price/demand curves for hundreds of upcoming and current season items within a remarkable 48-hour period. This unique feature empowers businesses to effectively strategize pre-season price models, cost-engineering initiatives, and in-season promotions, all with retail decision-making confidence. Additionally, InsightSUITE assists in understanding customers' willingness to pay at varying price points, an indispensable factor for devising efficient, repeatable pricing strategies.
InsightSUITE not only simplifies the complex process of price optimization, but it also delivers measurable results that consistently secure 4-10% increases in revenues and gross margins for global customers. Leveraging AI to engage consumers in interactive digital experiences, First Insight helps brands and retailers uncover hidden consumer desires, unlock potential, and enable data-driven decisions. By providing the tools necessary to predict and react to consumer demand, First Insight facilitates faster, more precise pricing and markdown strategy decisions, ensuring that products reach the market quickly, priced aptly for maximum profitability and success in the dynamically changing retail industry.
For more details, you can find the full report here.
About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
About First Insight
First Insight is the global leader in Voice of the Customer retail solutions, transforming business decision-making through actionable consumer insights and AI. First Insight’s platform enables retailers and brands worldwide to boost revenues and profitability by informing strategic decisions with consumer data and removing guesses and personal opinions. Trusted by leading retailers, vertically integrated brands, mass merchant retailers, and wholesalers, First Insight leads in optimizing strategy, product, pricing, planning, and marketing decisions. For further information, visit www.firstinsight.com.
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