First Insight, a retail solution company, said today that it renewed its partnership with resortwear brand Lilly Pulitzer. The firm’s predictive analytics platform analyzes consumer data to determine which products and trends will have the greatest selling potential. The company said its solutions help brands and retailers increase product success rates, advise design decisions, reduce store testing and markdowns, increase forecasting accuracy and set strategic entry price points.
The collaboration offers Lilly Pulitzer “investment guidance” and insight into strategic product design by gathering real-time data on products from online social customer engagement, the company said. Terms of the partnership were not disclosed.
First Insight said brands that have partnered with it and used its solutions increased the number of “winning products” by 30 to 70 percent. The company also noted that 11 percent of the items it tests globally can bear a higher price and that their solution helps reduce markdowns by as much as 25 percent.
Kate Kenny, the vice president of merchandising and planning of Lilly Pulitzer, said First Insight’s “analysis of consumers’ merchandising preferences, print favorites and style trends provides our teams with pre-season insight into new product performance, giving them more confidence in the buying decisions and allowing us to tailor our assortment to match our consumers’ needs.”
First Insight caters to a wide spectrum of retail businesses, including specialty retailers, wholesalers, department stores, luxury brands, consumer products and e-commerce. Solutions can be customized and tailored to specific roles within a company, as First Insight offers platforms for merchants, designers, planners, marketers, consumer insights analysts, strategic planners and wholesalers. The firm calls Vince Camuto, Desigual, Pier 1, HSN and Randa, among others, as its clients.
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