WWD Mentions First Insight | First Insight Partners With Family Dollar to Enhance Merchandise Strategy Through Advanced Analytics
First Insight Inc., the Voice of the Customer (VoC) retail solutions provider, said it has formed a strategic partnership with Family Dollar to help refine the dollar store’s merchandise assortment strategy and make offerings more compelling to customers.
Terms of the partnership were not disclosed.
“This partnership empowers Family Dollar to confidently bring groundbreaking concepts to the market, ensuring these ‘big ideas’ flourish into substantial wins,” First Insight said in a statement. “It strategically reduces the risks of markdowns and stock shortages while also curbing the influx of underperforming products.”
The company said this supports Family Dollar’s goal “to attract customers by providing exceptional value in every aisle while driving sales across all product categories.”
Greg Petro, chief executive officer of First Insight, said the partnership with Family Dollar “is a prime example of how AI and customer insights can transform retail decision-making. By integrating our cutting-edge predictive analytics, products on Family Dollar’s shelves are not just in demand but customer-approved.”
Petro said the company’s analytics enable the retailer “to anticipate demand more accurately, make smarter product choices, and ultimately, heighten customer satisfaction while driving sales.”
Bonita Price, senior vice president of merchandising at Family Dollar, said listening to their customer “and inspiring her with everyday essentials and must-have items of the season is at the core of everything we do. 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.”
When asked why VoC is an important solution for retailers and brands, Petro told WWD that VoC involves “gathering and analyzing direct feedback from customers through advanced AI tools, transforming this feedback into predictive insights. AI-driven VoC enables an anticipatory approach rather than a reactionary one, providing a critical competitive advantage to the users.”
“By aligning offerings closely with anticipated customer demand, retailers and brands can preemptively address significant issues like overstocks and markdowns,” Petro said, adding that the actionable data generated “provides decision-makers with information that is valuable and a competitive advantage.”
“For example, using First Insight’s VoC solutions, retailers and brands can gain insights on pricing, buy depths or promotional pricing,” Petro told WWD. “This data is crucial for making informed choices about product assortments, markdowns and promotional offers allowing businesses to maximize sales and [product] potential.”
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