Chain Store Age Mentions First Insight | Family Dollar Optimizes Assortment With Predictive Analytics
Family Dollar is refining its merchandise assortment strategy.
The discount retailer is leveraging predictive analytics technology and actionable data from First Insight in an effort to ensuring that it offers merchandise aligned with the most current consumer expectations and shifts in the market.
Family Dollar hopes the solution will enable it to successfully launch new products, as well as reduce markdowns and stock shortages while curbing the influx of underperforming products. The retailer seeks to support its strategy of driving sales across all categories with value pricing.
The retailer is revamping its merchandising capabilities as it is also enhancing its mobile shopping experience. Family Dollar has been updating the user interface and navigation of its mobile app since fall 2023 with new and improved features including a redesigned mobile wallet that helps shoppers manage coupons, intelligent product search capability, in-app e-commerce, personalization capabilities, and a modernized rewards experience.
"Listening to our customer and inspiring her with everyday essentials and must-have items of the season is at the core of everything we do," said Bonita Price, senior VP of merchandising at Family Dollar. "First Insight’s platform gives us fast, actionable insights into our customers' preferences, which has already provided significant value. We are excited to see this partnership grow."
"Our partnership with Family Dollar is a prime example of how AI and customer insights can transform retail decision-making," said Greg Petro, CEO of First Insight. "By integrating our cutting-edge predictive analytics, products on Family Dollar’s shelves are not just in demand but customer-approved. Our analytics enable Family Dollar to anticipate demand more accurately, make smarter product choices, and ultimately, heighten customer satisfaction while driving sales."
Family Dollar parent company Dollar Tree, a Fortune 200 company, operated 16,622 stores across 48 states and five Canadian provinces as of October 28, 2023. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.
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