Marks & Spencer extends partnership with predictive analysis firm First Insight
Marks & Spencer has expanded its partnership with First Insight, the global tech company that helps retailers make product and pricing decisions based on consumer-driven predictive analytics.
First Insight uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through its predictive analytic models to determine which products present the greatest opportunity.
M&S has been using First Insight’s analytics to make design, buying and pricing decisions on categories including apparel, lingerie, footwear, accessories, food, home and beauty. The software has enabled M&S to test tens of thousands of products across more than 50 departments in order to buy more of what customers like.
“Everything M&S does as a company is filtered through the lens of what we know about our customers, and every decision starts with them. First Insight’s technology gives us invaluable feedback on new products during design and development, so we can buy more of what our customer likes and eliminate products that score less well," explained M&S director of supply chain and logistics Gordon Mowat.
Greg Petro, CEO and founder of First Insight, added: “M&S is a forward-thinking company and is investing in solutions to get closer to its customers. We have developed a valued partnership with M&S which has demonstrated a strong ROI and the ability to scale across their business. We look forward to expanding the partnership to additional categories.”
US-based First Insight works with a number of leading retail and consumer brands including Under Armour, Pier 1 Imports, Pandora and Crocs.