Company News • 10.01.2014
First Insight extends partnership agreement with The Limited
Retailer Chooses First Insight’s New Product Selection and Pricing Solution
First Insight, Inc., a technology company transforming how leading retailers make new product investment and pricing decisions, today announced an extended partnership agreement with The Limited, an iconic fashion retailer that offers high-quality, private brand apparel.
First Insight’s consumer-driven predictive analytics help The Limited make faster and more accurate design, buying and pricing decisions, thereby reducing markdowns and mitigating risks associated with new product introductions.
“By using First Insight to identify more winning products and price them correctly, our business will continue to increase its speed to market with the right styles at the right price”, said Diane Ellis, CEO of The Limited. “The accuracy and scalability of the First Insight platform will drive our expanded approach to value delivery, including pricing and promotion.”
In partnering with First Insight, The Limited gains strategic investment guidance on thousands of new products and designs. First Insight engages The Limited customers through online social engagement tools to gather real-time data on new products. This data is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
First Insight’s solution enables retailers such as The Limited to:
- Evaluate a greater number of designs or products quickly, increasing speed to market.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize pricing and allocation strategies to maximize ROI.
“We are proud to be a part of The Limited’s continued success and to be extending our partnership,” said Greg Petro, President and CEO of First Insight. “First Insight’s mission is to empower retailers such as The Limited to increase their win rate through a fast, scalable solution that lets them make critical decisions with confidence.”
Source: First Insight