Today, Finnish design company Marimekko has announced the extension of its partnership with First Insight, a technology company centered in supporting retailers make product investment and pricing decisions. Marimekko will continue to collect real-time data to inform future product-related decisions.
“Marimekko’s products are sold in over 40 countries, and each one has specific tastes and wants,” said Greg Petro, chief executive officer and founder of First Insight. “By leveraging the voice of the customer through predictive analytics, Marimekko will increase speed to market with trend-right products at the right price.”
Having deployed its services since 2016, Marimekko will continue to use First Insight’s software, InsightSuite, a predictive analytics tool to services retailers and manufacturers in selection, pricing, marketing and the buying of new products that do not have previous sales history.
“Customer input has become a crucial tool for picking successful designs. Our customers are excited to be included in our new product creation process and are responding at high rates to our requests for input,” says Päivi Lonka, chief sales officer at Marimekko.
Under First Insight’s services, product sentiment is gauged through a suite of online social engagement tools that collect real-time preferences for future item offerings — a crucial component to improve margins. As consumer loyalty becomes more increasingly divided, delivering products at optimal pricing is crucial to ensure that inventory levels are accurate.
Retailers and brands that ignore predictive analytics will inevitably find themselves out of step with consumers who are well-informed and impatient when met with lackluster shopping journeys or overpriced products — especially when there are plenty of deals to be researched.
First Insight counts Naturalizer, Salvatore Ferragamo, Pier One Imports, David’s Bridal and Kohl’s among its customers.
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