Retail shopping

First Insight has debuted its price elasticity prediction tool, ElastiCast. The platform aims to enable users to determine the most optimal product pricing and in turn, increase margins.

“ElastiCast takes the guesswork out of pricing decisions with a real-time solution that can predict outcomes based on any price or point in time within a product’s life cycle,” said Greg Petro, chief executive officer of First Insight. “Through this new solution, we are empowering retailers and brands with the knowledge they need to feel confident that the price on an item will deliver the sales and margins they expect. We’re thrilled to be the first to market with this solution.”

The software processes consumer data through its propriety algorithms. ElastiCast aims to support merchants, planners and marketers to analyze the benefits of different pricing scenarios based off the predictions of how consumers will react to the price point throughout the product’s full life cycle. With the tool, retailers are able to see the distributions of demand before going to market to ensure prices are benchmarked accurately and purposefully.

A feature of First Insight’s InsightSuite, the tool sets to provide a more transparent look at new product performance before it hits the shelves. First Insight customers include Vineyard Vines, Salvatore Ferragamo, Pier 1 Imports, David’s Bridal, Dick’s Sporting Goods, Kohl’s and Under Armour, among others.

More from WWD:

Report: Artificial Intelligence to Develop 2.3 Million Jobs by 2020

What Net Neutrality Means for E-commerce, Consumers, Retail

Drop-Ship E-commerce Models Threaten Marketplace Alternatives

load comments
blog comments powered by Disqus