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In a First Insight study, The State of Consumer Spending: Gen Z Shoppers Demand Sustainable Retail, 62 percent of Generation Z survey participants prefer to buy from sustainable brands, on par with Millennials, while 54 percent of Generation X and 44 percent of the Silent Generation said the same. With COVID-19, the importance of sustainability became just as important for brands as it has been to consumers.
As consumers become more environmentally conscious, it is up to retailers to find ways to meet their expectations and strengthen their brand positioning in the minds of their customers.
Test how your customers will value new materials in products and packaging. Understand if they are willing to pay more for more sustainable options before investing.
Use forward-looking demand to accurately plan inventory investments leaving less unsold products, reducing markdowns and wasted materials.
Retailers need to listen more closely to their customers about their sustainable shopping preferences.
First Insight and the Baker Retailing Center at the Wharton School of the University of Pennsylvania asked senior retail executives and consumers in the U.S. how sustainable practices are impacting consumers’ shopping habits and purchase decisions. The results point to a profound sustainability knowledge gap between these two cohorts, which presents opportunities for retailers not only to bolster their reputations and enhance consumer loyalty but also to increase profits.
Learn how First Insight works, see more success stories and hear from First Insight customers who have leveraged the voice of their customer to create sustainable product assortments.
Elaine Wheeler, Head of Digital Product Development at Marks and Spencer discusses how testing revealed that the language used for product descriptions impacted perceived value in the minds of their consumers.
First Insight CCO Jim Shea and former Li & Fung President of Supply Chain Solutions, Sean Coxall explain the benefits of combining retail predictive analytics and the Voice of the Customer to make assortment decisions that raise revenues while reducing waste.
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