First Insight Announces Agreement With Saks Fifth Avenue Off 5th To Provide Investment Guidance Solution For New Products
Software combines consumer insight and predictive analytics to reduce markdowns and out-of-stocks.
PITTSBURGH, PA – First Insight, Inc., a technology company transforming how leading retailers make new product investment and pricing decisions, today announced an agreement with Saks Fifth Avenue OFF 5TH, Saks Incorporated’s outlet chain. First Insight is providing predictive analytics generated from online consumer engagements to help Saks Fifth Avenue OFF 5TH make faster and more accurate buying and pricing decisions for new products. These decisions are designed to reduce markdowns and out-of-stocks, as well as to mitigate risks associated with new product introductions.
In partnering with First Insight, Saks Fifth Avenue OFF 5TH is seeking to gain strategic investment guidance on new fashion apparel products and design concepts. The First Insight solution uses online social engagement tools to gather real-time preference, pricing and sentiment data on Saks Fifth Avenue OFF 5TH’s new products. This information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. Saks Fifth Avenue OFF 5TH is currently using the First Insight solution to evaluate a variety of footwear lines.
First Insight’s solution is enabling Saks Fifth Avenue OFF 5TH to:
- Evaluate a greater number of new styles quickly, increasing speed to market and reducing in-store testing costs.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize entry price points to maximize margins.
Greg Petro, CEO and founder of First Insight, commented, “We are thrilled to be working with Saks Fifth Avenue OFF 5TH. Our mission is to provide retailers with a fast, scalable solution that lets them leverage consumer feedback and predictive analytics to make new product decisions with confidence. Our solution will allow Saks Fifth Avenue OFF 5TH to further differentiate itself from others in the outlet space. We look forward to helping Saks Fifth Avenue OFF 5TH in its goal of introducing winning products.”
“The First Insight solution is helping us predict how new products will perform,” said Rob Wallstrom, President of Saks Fifth Avenue OFF 5TH. “First Insight enables us to allocate our inventory by applying useful consumer-sourced information to offer our customers the best product available. Our trial with First Insight was successful, so we decided to move forward with the solution.”
About First Insight, Inc.
First Insight is the leading solution for providing inventory investment and pricing guidance for products that are new to retail assortments. Through the use of online consumer engagements, the First Insight solution gathers real-time consumerpreference and pricing data and applies a predictive model to create actionable insights, which inform new product decisions. Retailers use the First Insight solution to select the most profitable new products for improved sales, margins and inventory turnover. With the use of First Insight data, retailers gain a forward-looking view of customer demand and merchandise profitability. Implementing First Insight’s predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Customers include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. For further information, please visit www.firstinsight.com.
About Saks Fifth Avenue OFF 5TH
Saks Fifth Avenue OFF 5TH is the savvy shopper’s premier source for value-priced designer clothing and accessories, offeringcustomers an exceptional array of both coveted designer names and unique merchandise under the Saks Fifth Avenue label. Saks Fifth Avenue OFF 5TH places the highest priority on style, selection, and customer service. Today, there are a total of 63 Saks Fifth Avenue OFF 5TH stores in 23 states. Saks Fifth Avenue OFF 5TH is a part of Saks Incorporated, which also operates 45 Saks Fifth Avenue stores and saks.com.
SOURCE: First Insight, Inc.