Today, at NRF, First Insight released Einstein, the latest version of Virtual Customer Viewpoint (VCV), the retail
industry’s only solution for predicting sales and margin performance of new merchandise with no historic sales data. VCV helps merchants put more winners in every line plan and floor set in design-led, technology-driven, and seasonal categories. VCV’s superior predictive analytics assists retailers in improving comp store sales and margins. VCV is the only instrument of its kind available today that provides direct observation of future item-level demand. It gives buyers actionable guidance on-demand whenever they’re making critical preseason decisions of what to bring to market next.
First Insight, a Pittsburgh based company, is recognized as the leader in using consumer-based predictive analytics to guide merchants to better preseason decisions. Through Web 2.0 predictive analytics that connect social networks to merchandise planning, First Insight gives merchants forward-looking preseason insight into what consumers want. VCV helps its customers make successful new item introduction a repeatable, predictable, and scalable outcome.
Available immediately as a secure, scalable, hosted SaaS solution, Einstein’s enhanced capabilities give merchants an Excel-like UI and improved reports for comparing and ranking items on their predicted performance.
“Einstein marks a milestone,” commented Greg Petro, principle founder and CEO of First Insight. “Getting merchandise right lies at the heart of retail success.” A former merchant himself, he added, “Merchants have good tools to create and manage financial plans, track performance, allocate, and set markdown cadences. Einstein gives them what they need—a unique tool specifically designed to improve the merchant’s art of picking great product.”
Einstein also brings a new look and feel to First Insight’s Web 2.0 widget for harvesting consumer data. VCV analyzes data the widget collects to predict how evolving trends are shaping demand for new merchandise not yet on the market.
“In the next two months we’ll take VCV and First Insight’s total solution to a new level,” stated , First Insight’s vice-president for products. “In the near term,” Brauser continued, “we’re adding predictive analytics to guide localization of merchandise and selection of item attributes.”
“Our solution gives our customers unprecedented advantages essential for success in today’s harsh economic climate,” noted Greg Girard, First Insight’s vice-president for marketing. “First Insight lets consumers engage their favorite brands where it matters, in deciding what items the brand will sell to earn their loyalty,” he said.
First Insight is meeting with retailers at this week’s NRF Convention and Expo at New York’s Javits Center, in booth 382.
