First Insight’s Greg Petro Ranks on NRF’s Top 25 List as a Result of Record Growth and New Product InnovationsPITTSBURGH, PA – (January 13, 2016) – First Insight, the leading provider of predictive analytic solutions that empower brands to incorporate the voice of the customer into the design and merchandising of new products, today announced partnership agreements with leading specialty retailers and brands that highlight a record year of innovation and growth for the company.
New partners that are now using First Insight to help improve sales, margins and inventory turnover include:
- DICK’S Sporting Goods –the leading omni-channel sporting goods retailer in the U.S.
- Eddie Bauer – a leading retailer of premium-quality clothing, accessories and gear for men and women that complement today's modern outdoor lifestyle.
- Caleres – one of North America’s top footwear companies with well-known brands ranging from Famous Footwear and Naturalizer to Via Spiga, Diane von Furstenberg, and Franco Sarto.
- At Home – the home décor superstore, is focused on providing customers with the broadest assortment of home decor products for every room, in every style at everyday low prices.
“Our consumers are talking, and we are listening to them to design and deliver what they really want,” said Keith Duplain, SVP and GM at Caleres. “Being able to present direct consumer feedback during line reviews really elevates the discussions we have with our retail partners. Our sales team is more confident making line recommendations and our partners feel they are making more data-driven, consumer-based decisions. This drives better business results for us and for our retail partners."
“At Home carries an expansive selection of more than 50,000 home décor items across broad product assortments,” said Alissa Ahlman, Chief Merchandising Officer for At Home. “With our expansive depth of product offering, introducing the right new products for our targeted customer remains key to our brand’s success. The First Insight platform will further enhance our product selection model with customers’ insights in mind.”
“First Insight is now a critical element in our product decision-making process,” said Lee Belitsky, Executive Vice President, Planning, Replenishment, Allocations and Product Development, DICK’S Sporting Goods. “By using First Insight to test items – both branded and private label - before making our buys, we are increasing speed to market of the right items. After evaluating the solution for an extended period, we have projected the solution will deliver a strong return on investment.”
In addition, First Insight and TXT Retail recently announced a partnership in which retailers and brands can combine TXT Retail’s Planning Solutions with First Insight’s consumer-driven analytics, enabling leading retailers and brands to create more accurate and efficient assortment plans.
First Insight’s continued momentum speaks to the significant market opportunity and demand for direct and forward-looking insights delivered by First Insight’s platform, InsightSuite. The company is on a rapid growth trajectory with:
- $14M in new funding with a round of financing from Updata Partners, a leading technology growth equity firm;
- Expansion of its global reach, with products being tested throughout Europe, Latin America and Asia;
- Increasing its employee base by 50 percent in 2015; and
- The introduction of new product innovations and capabilities with ForeSight, InsightTargeting, and Insight Suite for Wholesale.
This news closely follows First Insight’s President and CEO Greg Petro’s appointment to The List of People Shaping Retail's Future by the NRF Foundation, the non-profit arm of the National Retail Federation (NRF).
“2015 was a year of tremendous growth and expansion for First Insight, and we anticipate that this rapid growth trajectory will continue this year,” said Greg Petro, President and CEO of First Insight. “We are succeeding in our mission to revolutionize the retail industry as more well-known, global retailers and brands rely on our solutions as a critical and strategic element for their own growth and success.”
First Insight partners with retailers and manufacturers to reduce the high cost of new product failures by enabling them to design, select, market, and optimally price winning products. Its accurate, scalable, high-speed solution has been proven to increase new product success rates by 50-100%, reducing markdowns and excess inventory.
First Insight will exhibit at NRF’s Big Show 2016 in New York at booth 2763, and will host the panel “Using Consumer Analytics to Drive Financial Results.” at the BIG Ideas Session on Monday, January 18th at 1:45 p.m. ET (Expo Hall Level 3, Room 3). This session will include executives from The Limited and Rebecca Minkoff as well as top equity and industry analysts.
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the customer 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 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. Download the pdf here.
(415) 963-4174 ext. 17
VP, Product Management & Business Development
First Insight, Inc.