First Insight, a predictive analytics company, said it partnered with the S. Oliver Group, a fashion and lifestyle firm based in Europe. The collaboration enables S. Oliver to speed up design and buying processes, as well as pricing decisions for apparel, accessories, jewelry, footwear, fragrance and eyewear for its global consumer base.
Terms of the partnership were not disclosed. First Insight said that through the deal, its online social engagement tools will aggregate “preference data” on new products from S. Oliver’s customers and the data will be analyzed by its predictive software to glean insights on product offerings that better align with customer wants and needs. The use of First Insight technology is part of S. Oliver’s efforts to utilize new technologies for improving the consumer experience. S. Oliver has also experimented with augmented reality that enabled shoppers to view 3-D presentations of different outfits through its app.
Vanessa Stuetzle, the chief digital officer of the S. Oliver Group, said, “With the actionable data we receive from First Insight, we are able to identify the items that will be bestsellers while also identifying items that will perform poorly. These data help us to make more informed buying decisions so we can avoid stock outs while keeping more items off the clearance rack.”
First Insight’s suite of solutions are designed to help retailers and fashion brands reduce markdowns by as much as 25 percent while also allowing companies to raise prices on 11 percent of new products launched.
Greg Petro, the chief executive officer and founder of First Insight, said the S. Oliver Group “has built its highly successful global business by creating leading lifestyle brands that match the style and comfort needs of a diverse and eclectic global customer base. By enabling the S. Oliver Group to gather input and feedback from customers before the product is even available in stores, we are helping the company choose the right products to drive success.”
S. Oliver is a textile producer based in Germany with reported sales volume of over $1.87 billion. Brands under S. Oliver Group include S. Oliver Red Label, S. Oliver Black Label, Triangle, Q/S Designed By, Comma, Comma Casual Identity and Liebeskind Berlin.
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