Predictive analysis of Customer Voice for performance
First Insight is a leader in the application of predictive analysis to first-party data from the “Voice of the Customer” to enlighten better decisions that improve business outcomes. First Insight has opened up the field of online product testing using predictive analysis of Customer Voice in retail. Retailers and brands around the world now rely on First Insight results to enlighten their product selection, pricing, planning, marketing and brand decisions.
How does it work?
First Insight’s next-generation Experience Management (XM) platform is a powerful, scalable, and easy-to-integrate solution that enlighten every business decision retailers face. Through advanced analytics, including human computer modeling, Bayesian mathematical models, predictive analytics and APIs, the First Insight platform is a proven and revolutionary solution that helps to anticipate results in order to build achievable financial forecasts.
From startups to world brands, the company’s customers get results.
The experience management new generation makes it possible to better understand the consumer through better listening:
- 9% increase in gross margin
- ROI 10-15 times higher for XM initiatives
- 40% reduction in product development cycle
- 25% less markdowns
- 40% reduction in inventory while increasing sales by 6%
- 10% increase in online conversion rate
Some business cases
The objective is to optimize the assortments to generate a sales opportunity of 5 Million Dollars.
“The first indications of return on investment (ROI) are simply phenomenal for us. In one case, a brand we had never worked with before agreed to introduce a line of our products to 100 outlets almost immediately after we communicated the results to them, which represents an additional sales opportunity of nearly $5 million this year.” – Lindsey Goodman, Director of Consumer Insights at Wolverine Worldwide
Another issue was a significant reduction in costs and an increase in the speed of market access.
“With digital style testing, we can shorten our product development schedule by at least 40% and reduce physical samples by up to 70%” – Lindsey Goodman, Director of Consumer Insights at Wolverine Worldwide
The challenge was to do more with less and better serve the consumer.
“Streamlining SKUs is essential, but it is not in itself the mission. The mission is to better serve the consumer. The end result is a rationalization of SKUs, choosing better products and meeting the needs of consumers. Ensuring good tracking allows Kohl’s to focus more on meeting customer needs and be more relevant in terms of style. It allows Khol’s to be smarter in their product assortments and be more efficient in choosing the right products” – Dan Plas, Senior Vice President – General Manager Accessories, Jewelry, Footwear, & Impulse/Gifting at Kohl’s
Marks & Spencer
The aim was to identify trends to adapt to a younger demographic.
“Marks & Spencer used First Insight’s solution to successfully redesign its mug collection to attract younger customers” – Elaine Wheeler, Head of Digital Product Development at Marks & Spencer
Learn more about First Insight
More than ten years ago, First Insight revolutionized the retail sector by creating a system to accurately predict the performance of new products. Today a leader in this field, First Insight extends its offer to Experience Management.
The solution has continued to evolve and bring value to all aspects of experience management. Hundreds of companies are now using the First Insight platform to create better experiences, not just to take stock.
With more than 150 companies using First Insight to transform their business every day, the business is different for many reasons.
98% of customers would recommend First Insight to another company.
Over the past ten years, the latter has been recognized by Gartner, IDC, Forrester, RSR Research, Chain Link Reserach and other leading analysts.
First Insight is one of the first platforms in Experience Management (XM) that enables companies to meaningfully integrate Customer Voice into the design, pricing, planning and marketing of products and service offerings. Through the use of online consumer engagement tools, The platform collects real-time consumer data and applies predictive analytics models to create actionable information to make decisions that generate measurable value. Its customers include some of the world’s largest vertically integrated brands, sporting goods companies, consumer products, department stores, retail chains and wholesalers.