New Technologies Will Enhance Consumer Data Collection and Continue to Help Retailers Make Smarter Buying Decisions
Pittsburgh, PA, January 09, 2011
First Insight, Inc the leading merchant recommendation platform that retailers use to select the most profitablenew products, today launched a unique suite of merchandising tools for 2011, including Voice of Store Solution (VOS), Vertically Integrated Retailer Workflow and Consumer Engagement Portfolio. These tools will enable enhanced collection of consumer and internal in-store data, helping retailers and manufacturers make smarter buying, pricing and marketing decisions.
“We have always sought to provide our retail and manufacturing customers with a unique edge by providing real-time preference, pricing and sentiment data from consumers,” said Greg Petro, CEO of First Insight, Inc. “The new trio of merchandising tools will build on this mission, adding internal feedback into the mix and further helping retailers improve sales, margins and inventory turnover.”
Voice of Store Solution (VOS):
Voice of Store is the new, virtual store visit. The solution allows retailers to gain valuable information from their stores through internal strategies such as secure and structured conversations and ongoing associate interaction. Retailers gain a greater understanding of regional preferences and demand to improve localized assortments and marketing efforts. Stores are able to help merchants further understand what consumers want at a local level in a high speed, scalable, and cost-effective manner not previously possible.
Vertically Integrated Retailer Workflow:
This workflow is designed to help vertically integrated retailers incorporate real-time consumer insight into their process at any point, from Design to Market. Large consumer groups are evaluated to give retailers valuable insight on preference, pricing and sentiment, aiding them in identifying opportunities and mitigating risk prior to large investments in a workflow tailored to their business model.
Consumer Engagement Portfolio:
A collection of customizable engagement tools that retailers use to gather information from consumers and sales associates via surveys, mobile applications and social games. Within the portfolio, First Insight is announcing two new engagement tools, Pri¢emates and StyleOpt. During Pri¢emates, players go head to head, pricing items as they see fit. StyleOpt allows players to view, compare and rate products against other products, narrowing down to a few favorite selections. Every tool in the Consumer Engagement Portfolio can be tailored to the specific retailer’s brand identity or product category in order to capture its individuality.
About First Insight, Inc.
First Insight is the leading merchant recommendation platform that retailers use 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. Based in Pittsburgh, First Insight creates unique consumer experiences and engages large groups of consumers, while collecting valuable preference and pricing data. Implementing First Insight’s analytics gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Clients include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. For further information, please visit www.firstinsight.com.
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Media Contact: Michael McMullan/Joy Murphy, Berns Communications Group, LLC 212-994-4660/mmcmullan@bcg-pr.com/jmurphy@bcg-pr.com
