Dorothy Perkins, Burton Menswear, and Miss Selfridge and First Insight, Inc., a leading technology company transforming how companies make product investment, pricing and marketing decisions, today announced their new partnership. Using First Insight’s consumer-driven predictive analytics, the retailers will now be able to operationalise product testing allowing them to make faster and better merchandising decisions.
“Knowing and understanding the customer is the only way retailers and brands can stay ahead in today’s ever-changing retail landscape,” said Greg Petro, CEO and founder of First Insight. “We’re excited to partner with the Dorothy Perkins, Burton Menswear and Miss Selfridge brands to enable them to capture and leverage customer insights at every step of the product development and merchandising process. By incorporating the voice of the customer, the brands can be sure they are making optimal decisions about selecting the right range of products to bring to market.”
First Insight uses online social engagement tools to gather real-time customer preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity. The solution is enabling the retailers to increase their speed to market and inform faster and better merchandising assortment decisions.
“After completing a thorough proof of concept with First Insight, we have taken the decision to operationalise their product testing capabilities across our brands,” said John Kenchington, Dorothy Perkins, Burton Menswear & Miss Selfridge Multichannel Director. “First Insight enables us to reduce our reliance on historical sales data and store testing by instead placing our customers at the heart of our decisions by directly asking them about new products before we go to market. We can then use those insights to make faster and better merchandising decisions.”
