HSN to Use Predictive Analytics for Apparel, Jewelry and Home Categories
PITTSBURGH, PA and ST. PETERSBURG, Fla. – January 13, 2017 – First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced a partnership agreement with entertainment and lifestyle retailer, HSN. Using consumer-driven predictive analytics, First Insight will help HSN enable faster and more accurate design, buying and pricing decisions in its apparel, jewelry and home categories.
As part of this agreement, First Insight is using online social engagement tools to gather real-time preference, pricing and sentiment data on HSN’s new key value items (KVIs) – a term used in retail to describe new product offerings that drive traffic and highlight a retailer’s merchandise authority. This information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
“With different items being showcased daily across HSN’s various platforms, choosing the right product is critical,” said Nathan Geller, SVP of Planning for HSN. “First Insight is allowing us to get ahead of our customer, providing us with true insight into consumer response well before we showcase an item as a KVI. The analytics are not only actionable, but reinforce the decisions we make when picking and correctly pricing engaging products every day through our digital and on-air properties.”
First Insight’s solution will enable HSN to:
- Evaluate a greater number of designs or products quickly, increasing speed to market.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize pricing and allocation strategies to maximize ROI.
“We are thrilled to be partnering with HSN, a highly innovative retail and lifestyle leader. HSN is an ideal partner for us, as the speed and scale of our solution enables HSN to leverage customer feedback and predictive analytics to provide the confidence they need to feel secure in their daily product decisions.” said Greg Petro, CEO and founder of First Insight.
At NRF’s The Big Show 2017, Karen Etzkorn, CIO at HSN will be a panelist at the First Insight Exhibitor Insights session titled, “Markdowns: The Hidden Virus.”
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 visit www.firstinsight.com.
HSN is a leading entertainment and lifestyle retailer, offering a curated assortment of exclusive products and top brand names to its customers. HSN incorporates entertainment, inspiration, personalities and industry experts to provide an entirely unique shopping experience. At HSN, customers find exceptional selections in Health & Beauty, Jewelry, Home/Lifestyle, fashion/Accessories, and Electronics. HSN broadcasts live to approximately 94 million households in the US 24/7 and its website - hsn.com features more than 50,000 product videos. Mobile applications include HSN apps for iPad, iPhone and Android. HSN, founded 39 years ago as the first shopping network, is an operating segment of HSN, Inc. (Nasdaq:HSNI). For more information, please visit www.HSN.com, or follow @HSN on Facebook and Twitter.
Berns Communications Group, LLC
VP, Marketing and Product Management