Dorothy Perkins, Burton Menswear and Miss Selfridge partner with predictive analytics platform
Both brands will now use the company’s consumer-driven predictive analytics to “operationalise product testing, allowing them to make faster and better merchandising decisions to show which products present the greatest opportunity.”
First Insight uses online social engagement tools to collect real-time consumer preference, pricing and sentiment data on potential product offerings.
The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. The solution enables retailers to increase their speed to market and inform faster and better merchandising assortment decisions.
CEO and founder of First Insight, Greg Petro said: “Knowing and understanding the customer is the only way retailers and brands can stay ahead in today’s ever-changing retail landscape.”
“By incorporating the voice of the customer, the brands can be sure they are making optimal decisions about selecting the right range of products to bring to market.”
Multichannel director of Dorothy Perkins, Burton Menswear and Miss Selfridge, John Kenchington added: “First Insight enables us to reduce our reliance on historical sales data, store testing and pure instinct and instead place our customers at the heart of our decisions by directly asking them about new products before we go to market.”
First Insight is one of the world’s leading Experience Management (XM) platforms which enable companies to incorporate the Voice of the Customer into the design, pricing, planning and marketing of products and service offerings.