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Specialty Retailers

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You control the entire value chain – from new concept inspiration to the selling floor. What's the impact when you get it wrong?

New product challenges include:

In specialty retail, new products fail at a rate of over 50%, according to Gartner and other sources. First Insight’s benchmark data show that new product failure rates are actually well over 60%.

In-store Testing

Some specialty retailers attempt to test new products in stores prior to making their buys. On average, costly and time-consuming in-store testing yields failure rates of well over 50% because products are typically tested out-of-season in a small subset of stores, with inconsistent approaches to implementation. 

First Insight helps you improve your new product success rates by:

  • Enabling hundreds or thousands of products to be tested fast
  • Providing rapid feedback from thousands of customers
  • Engaging your customers through fun mobile apps which drive customers to shop your website and your stores
  • Forecasting top sellers so merchants and planners have confidence to make deeper buys
  • Identifying winning attributes
  • Testing at the CAD stage as well as the sample stage, reducing sample costsincreasing the adoption rate, and optimizing SKU performance
  • Forecasting price elasticity, including a forecast of the Average Unit Retail price and optimal initial price of each item
  • Helping target the right customers with the right products and the right offers

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