Randa, a men’s accessories wholesaler, is tapping First Insight for its consumer-driven predictive analytics.
Starting this month, Randa will look to First Insight for design, buying and pricing decisions about the accessories it produces for its brands, retail partners and consumers.
“We are dedicated to making our partners successful. Offering the right assortment through the right channel at the right price is critical for growth — and that requires timely and accurate information,” said David J. Katz, executive vice president and chief marketing officer of Randa. “We are excited about our partnership with First Insight because their predictive analytic platform will enable us to elevate the discussion we have with our retail and brand partners, make more informed recommendations based on direct feedback from consumers and drive better business results and increased consumer satisfaction.”
First Insight’s analytics are based on its online social engagement tools that gather real-time preference, pricing and sentiment data on potential product offerings. First Insight then uses this information to determine what products have the greatest opportunity, which allows Randa to quickly evaluate its designs and base production and pricing on consumer inputs.
“We are thrilled to be partnering with Randa, a company that has built its reputation on helping their retail partners adapt to changing global economies, shifting channels of distribution and new materials innovation in order to recommend the right products,” said Greg Petro, chief executive officer and founder of First Insight. “We are helping Randa build on this reputation by bringing a direct connection to consumers and a window into their changing demands, reducing risk and bringing greater confidence to new product decision-making while matching consumer pricing expectations.”