Artificial Intelligence in Retail: Software for Retail & CPG

Consumer packaged goods (CPG) are plagued with very high new product failure rates,
often reaching 80%

In the age of Machine Learning and Artificial Intelligence, why are so many CPG brands and companies using decades-old methods to make product decisions?

Decision-making based on historical sales data and intuition is not enough to succeed in this competitive consumer products retail sector. Leading manufacturers are now integrating artificial intelligence in retail product decisions.

With our Predictive Analytics platform powered by Machine Learning and Artificial Intelligence, CPG brands and companies now have access to predictive, real-time data to make the right product decisions at rapid speeds.

First Insight’s InsightSuite Software Platform utilizes two important elements, The Voice of the Customer and Predictive Analytics, to enable CPG retailers, manufacturers, brands, wholesalers and licensees to make data-driven product decisions on new products by answering questions that include:

Which new product concepts resonate best with the target segment and should move forward in the development process – and which products should be avoided?
Which designs and attributes are valued most by consumers?
Which packaging, descriptions, and claims will win with customers?
How should a new consumer product be priced, even with no previous sales history?
How much inventory should CPG brands buy or manufacture?
How should a product be marketed to specific customer demographics, retail channels and geographies?

Powering the First Insight Platform: AI and Machine Learning

First Insight’s platform accumulates customer feedback on new products through social, email, and third-party panels to gather a statistically significant sample size. Our platform then performs an analysis of the responses using AI and Machine Learning—projecting the outcomes for vital product decisions within 24 to 48 hours. Our Platform’s Artificial Intelligence retail algorithm amasses over 8,000,000 new data points per month from 30+ countries to feed into our machine learning algorithms. Each consecutive test is more accurate than the one before, creating refined and accurate predictive results.

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The Insights You Need at Every Stage in the Product Development Cycle

The AI and Machine Learning results provide the insights you need in the form of product recommendations, qualitative customer comments, and price elasticity data. With First Insight’s cloud-based platform, data output is interactive and allows you to hone in on specific customer comments and responses. If a product’s projected performance does not match expectations, it is easy to identify the reason behind the data and make design or pricing adjustments to improve performance.

First Insight’s Predictive Analytics platform also provides demographic details by age, gender, and location to show how each product performs by segment. Whether you are targeting young men, loyal customers of competitors, or residents of the UK, you will have the answers necessary to make the right product decisions.

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Customer Success

Now we can make fact-based decisions and do it more efficiently. We are never going back to the old way of conducting line reviews.
Lucas Johnson, Sr. Brand Manager, Global Marketing
First Insight’s analysis of consumers’ merchandising preferences, print favorites, and style trends provides our teams with pre-season insight into new product performance, giving them more confidence in the buying decisions and allowing us to tailor our assortment to match our consumers’ needs
Kate Kenny, VP of Merchandise & Planning

First Insight’s Predictive Analytics Platform puts the customer at the heart of your product decisions.

Intuition and historical data will always play a role in product decision-making. But, educated guessing is not enough to beat the competition in this competitive CPG retail landscape. Channel the power of AI in retail to make the right CPG product decisions faster.

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30—80 Increase new product success rates by 30-80%, improving forecasting accuracy.

4—10 Increase gross profit
by 4-10%.

30 Increase speed-to-market by reducing product launch time up to 30%.

Learn More About First Insight

For over a decade, leading companies worldwide have used the First Insight solution to create winning offerings and experiences. The results? Up to 80% higher new offering success rates, 4-10% gains in revenues and margins, and 10-15X ROI. Learn more about how we do what we do and the value we can bring to your business.