Today Chico’s Inc. announced its partnership with First Insight Inc., the product pricing and predictive analytics platform provider, for the specialty retailer’s White House Black Market, Soma and Chico’s brands. The fashion company will tap First Insight’s consumer-driven predictive analysis to inform future design, buying and pricing decisions on categories ranging from apparel, footwear, accessories and jewelry for physical locations and e-commerce.
In addition to refreshed internal operations, Chico’s will upgrade its social engagement with consumers in order to optimize shopper feedback regarding the popularity of new products. What’s more, First Insight will then crunch the data in its predictive tools to furnish an improved awareness of its shopper and calibrate inventory buys, maximize allocation strategies and strategically recommend products.
“One of our key strategic imperatives is to leverage actionable retail science to improve our operational performance,” said Shelley Broader, chief executive officer and president of Chico’s FAS Inc. “Our rich customer data combined with First Insight’s online customer engagement and analytics should help us to identify top-performing product as much as 12 months preseason. We expect this partnership will enhance our ability to consistently deliver the beautiful merchandise our customers want, resulting in stronger sales for our company.”
With supply chains coming under the strain of accelerated consumer demands, retailers are turning to service-providers such as First Insight. The platforms aim to resolve pain points and facilitate accurate production of collections to deliver the highest ROI – and maintain consumers’ attention.
“By introducing enhanced analytics around the voice of the customer into its product development process, we will be able to help Chico’s FAS increase sell-through and reduce markdowns while continuing to deliver trend-right products,” said Greg Petro, ceo and founder of First Insight.
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