PITTSBURGH--(BUSINESS WIRE)--First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced its Exhibitors Big Ideas Panel entitled Retail Disruption: The Science of Pricing and Competitive Differentiation which will take place during the National Retail Federation's Annual Retail’s Big Show at the Javits Convention Center in New York City.
Led by First Insight CEO Greg Petro, the panel will bring together renowned retail industry experts and leaders including Dana Telsey, CEO and chief research officer of Telsey Advisory Group, Diane Ellis, president of Chico’s and Les Berglass, founder of Berglass+Associates. The panel will take place on Tuesday, January 16 from 1:30 p.m. to 2:30 p.m. in the EXPO Hall, Big Ideas Room 4, Level 3. Retailers and manufacturers can use First Insight’s website to receive a free EXPO Hall Pass and to reserve a seat at the session.
“Retailers are being faced with new and growing disruptions every day, from emerging technologies to growing gaps in generational spending habits, to continued declines in store traffic,” said Petro. “This panel discussion will explore how effective pricing and differentiation can help retailers survive and thrive in the age of retail disruption.”
Additionally, earlier this month the company launched its new pricing solution, ElastiCast. As the world’s first and only solution to enable retailers to forecast price elasticity, ElastiCast helps users to see distribution of demand, before they go to market, so they can set prices more intelligently and increase margins.
The news comes on the heels of another strong year for First Insight as it continued to grow its customer base significantly throughout 2017. Highlights include:
- The Addition of Many Top Retail Partners: During 2017, First Insight signed significant retail and brand partners both in the U.S. and internationally includingBJ’s Wholesale Club, vineyard vines, Chico’s FAS, s.Oliver Group, Lilly Pulitzer, DESIGUAL, Randa Accessories, Pier 1 Imports and HSN, among others.
- Proprietary Research and Market Insights: First Insight also worked to shed light on the changing mindset of consumers to enable retailers and brands to more quickly align product and price with expectations.
In January, the company unveiled the report Consumer Markdown Mania and its Impact on Retailers, uncovering the discounts consumers expect as well as the dangerous strategy of using big sales to drive traffic to their stores.
In March, First Insight issued two reports based on a consumer survey exploring the impact of deep discounts from department stores on expectations for discounting in other retail sectors.
In October, the company issued a report on pricing elasticity shifts which revealed new opportunities and risks for retailers and brands based on the prices consumers were willing to pay on apparel and home goods.
- The Introduction of New Innovative Products and Services to Market: First Insight launched Optimized Line Planning, a machine learning-based tool that enables retailers to understand key characteristics of their customer base and how they impact revenue and margins, inform the assortment strategy, and create optimal line plans and product designs.
Separately, the company also recently announced it would launch a course entitled Data Insights and Use in partnership with the Fashion Institute of Technology. The program is the first-ever certification course to educate students on how to leverage predictive analytics in the design and merchandising of new products.
The company was also recognized by Gartner by being named a Representative Vendor in the firm’s 2017 “Market Guide for Unified Price, Promotion and Markdown Optimization (UPPMO) Applications,” as well as its “Hype Cycle for Retail Technologies, 2017” for a fifth consecutive year.
“The retail industry continues to be challenged by a constant onslaught of new innovations, technologies and disruptors shaping how consumers view retail,” said Petro. “Now more than ever, it is critical that retailers understand consumers’ expectations for pricing and product, which requires knowing the market. We look forward to continuing to help the industry navigate this environment by equipping retailers and brands with the tools and knowledge they need to offer the right product at the right price.”
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower retailers and brands to incorporate the voice of the consumer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of the world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.