“We want to provide actionable insights to retailers as early as possible in the product decision cycle. By leveraging the design recommendations provided by OLP based on historical data streams and real-time consumer input, retailers can mitigate the risk in line planning where they have the least reliable data to inform their decisions,” said Greg Petro, chief executive officer of First Insight.
The new solution will assist retailers and brands in comprehending their shopper and their influence on revenues and margins. The platform will also partner with First Insight customers in discerning assortment strategies based on consumer demands. What’s more, the tool offers specific recommendations guided by cultivated line plans and design products uncovered by the system.
“We are excited to partner with First Insight to deliver an OLP solution to our customers and the industry, and to further advance PTC’s retail transformation journey. This journey provides a roadmap for organizations to achieve a profile that delivers products in a season-less manner, facilitates personalized product offerings, and enables transparent supply chain execution,” said Eric Symon, general manager, retail business unit, PTC. “This tool allows retailers and brand owners to understand which product attributes their customers value the most and how those attributes impact revenue — a common challenge designers and merchandisers face season after season.”
Personalized products are on the top of consumers’ checklists. From intuitive mobile experiences to self-designed pieces, shoppers want to be delivered with insightful journeys and connection to not only the clothes, but also the retailer.
OLP helps brands confidently strategize on new line items based on historical sales and purchase history information and applying machine learning capabilities powered by ThingWorx, a product of PTC. The data set provides insights and recommendations on best products to bring to market and even goes as far to suggest specific design elements that will especially resonate with consumers in order to maximize revenue.