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Global retail is facing unprecedented supply chain disruption. In our recent report of retail executives, 100% state that supply chain challenges impacted their holiday season 2021, and 98% expect the upheaval to last through 2022.
The most challenging aspect of managing supply chain upheaval is the unpredictable nature of resource availability. Our tools empower businesses to mitigate supply chain volatility by gaining more control and insight into the aspects of the new product development lifecycle that can be predicted.
Shorten the time it takes to develop new products with predictive tools and the Voice Of the Customer.
Optimize products to avoid using materials with high supply chain volatility.
Create assortments optimized for the highest market share. When needed, identify viable substitute products quickly and easily.
Pre-COVID, leading manufacturers and retailers were using First Insight to increase their speed to market by up to 40%. Smart retailers and brands are keeping their foot on the digital gas to offset supply chain delays. One major brand recently cut 8 weeks from their product development process – knowing that they’ll need that extra time in their supply chain just to stay even in total time to market.
In nearly every industry, demand is mismatched with supply. Now is not the time for business-as-usual promotions and clearances. With constrained inventory, every available item needs to deliver the most margin possible to optimize results. Brands and retailers are turning to InsightPRICING from First Insight to make confident, targeted adjustments to their pricing and promotion strategies on a per-item and per-assortment basis.
We deliver highly detailed pricing strategies and markdown cadence recommendations that can be changed on the fly when supply chain disruptions occur. Understand how to maximize revenue based upon how many units can realistically be produced, instead of assuming that supply is unlimited. Get maximum value out of each product, set unique pricing strategies for different geographic regions, and review price elasticity data reports to understand a multitude of pricing scenarios based upon available stock.
Availability of manufacturing capacity and inventory will be limited for months or years to come. In these times, it’s more important than ever to place your inventory bets carefully and accurately. Brands and retailers worldwide are making better product selection decisions with predictive, actionable data from First Insight. With new solution enhancements, First Insight has expanded this decision support to the assortment level, enabling retailers and brands to optimize their assortments to maximize revenue and reach while avoiding production of items and features that don’t add value.
You’ve created a stunning assortment… only to find that some of your carefully-chosen items can’t be produced due to supply chain limitations. With new assortment optimization capabilities from First Insight, you can plan for any eventuality. Our predictive tools identify the optimal substitute product in any supply chain disruption scenario.
Certain products may not be included in an initial assortment because they do expand the assortment’s reach, but may serve as a perfect substitute for an item that is suffering from production challenges. Our tools show you all of the intel you need to plan for substitution before items go into production, allowing you to roll out your assortments with an optimized, multi-faceted backup plan.
First Insight’s Next-Gen Experience Management Platform provides a powerful, scalable, and easy-to-integrate solution that informs all the business decisions you face. Through advanced analytics including human computational modeling, Bayesian mathematical models, predictive analytics and APIs, First Insight’s platform represents a proven, breakthrough solution that helps you anticipate outcomes so you can build financial plans that you can achieve.
Understand More Through Better Listening
Learn how The Rockport Company created a new product playbook powered by the Voice of the Customer and predictive tools.View the Webinar & Highlights
While the Covid-19 pandemic hit most retailers hard, it created uniquely intense challenges for Hotter Shoes. Hotter needed to build up its e-commerce presence and appeal to a new group of shoppers at the same time.Read the Case Study
Our success is directly tied to the success of our 200+ customers. See what our customers are saying about how First Insight is transforming their business.