Technology firm First Insight today revealed a new comprehensive platform for retailers, Customer-Centric Merchandising, which applies machine learning and predictive analytics to its “Voice of Consumer” data, a consumer data set that incorporates millions of data points collected over a 10-year period. The company offers solutions that help retailers make strategic product investments and informed pricing decisions.
Its enhanced Consumer-Centric Merchandising Platform increases predictive capabilities, price forecasting, targeted consumer segmentation data, offers deeper analysis and accurate buy quantity recommendations on new products, the firm said. And the platform streamlines implementation, overall use and offers APIs to integrate with other “mission-critical” retail technologies, including systems such as PLM, 3-D CAD, Assortment Planning, Pricing and Markdown Optimization, and CRM/Campaign Management, according to the firm. Its solutions are fully compliant with global standards for data governance and privacy, the company also noted.
Since the firm’s founding in 2007, the company has worked with more than 100 retailers, brands and manufacturers that implement its solution to swiftly consumer-test new items and make better informed decisions on their product design, selection and pricing, the company said.
Greg Petro, chief executive officer and founder of First Insight, said, “The global retail market is changing quickly, and retailers and brands need to adapt in order to survive and thrive. We are bringing new capabilities to the retail industry, based on collected learnings and feedback from our valued customers over the last decade.” Petro continued, “Our expanded platform applies machine learning and predictive analytics to nearly a decade of Voice of Consumer data to provide retailers with the most information and strongest recommendations on the products they are bringing to market. We are excited to take our solution to an entirely new level.”
Petro added, “Our new Customer-Centric Merchandising Platform lets retailers and brands make sure they have the right product, priced right, bought at the right quantity, and targeted to the right customers. We are excited to bring the benefits of this platform to our existing customers as well as to help new customers transform their business by making data-driven product decisions.”
For More Business News From WWD, see: