Lingerie retailer Etam is the latest company to sign on with First Insight Inc. to use the data analytics’ firm consumer engagement solutions to help inform its merchandising decisions.
The deal — for an undisclosed amount — follows similar transactions with the Camuto Group, Helzberg Diamonds and David’s Bridal, among others. First Insight describes its customer engagement and predictive analytics solutions as being able to “empower brands to incorporate the voice of the customer into the design and merchandising of new products.”
Marie Schott, brand chief executive officer at Etam, said First Insight “should help us to make more accurate buying decisions by identifying poor performing lingerie and ready-to-wear products that we should avoid.”
“We aim to incorporate the voice of the customer into our decision-making process and we expect to make more accurate decisions on which products consumers will flock to, which to avoid, and lower the risk on those items that did not perform well,” Schott added.
Etam was founded in 1916 and positions itself as a “well-known French brand committed to providing fashion-forward lingerie and ready-to-wear products that inspire women and make them feel beautiful and radiant – whatever the occasion.” The retailer said in a statement today that in partnering with First Insight, “Etam aims to continue delivering on its mission to always listen to needs and desires of its clients, allowing the retailer to better understand its customer base and manufacture products that they will love.”
Listening to the “needs and desires” of shoppers is at the core of a seismic shift that has occurred at retail, which analysts describe as a “consumer centric environment.” In this new landscape — born out of several factors that include the growth of online shopping coupled with a more frugal consumer — understanding shopping preferences from style and color to fabric and price point is essential. Solutions that use data analytics (such as what First Insight offers) are positioned in the market to help retailers and brands make better informed merchandising and product development decisions.
Greg Petro, ceo of First Insight, said his company shares “similar values with Etam, as we believe that listening to clients is a key factor in delivering fashion-forward products that consumers want to purchase.”
Other recent partnerships Petro has orchestrated include Dick’s Sporting Goods, Caleres and At Home.