First Insight, Inc., a global technology company transforming how leading retailers make product investment and pricing decisions, and John Lewis & Partners, announced an expansion of their partnership. The announcement follows a successful validation test program that John Lewis conducted across its home and fashion categories.
“It’s crucial for retailers and brands to have a deep understanding of their customers and a data-driven decision-making process in order to succeed in today’s challenging economic environment,” said Greg Petro, CEO and founder of First Insight. “We’re very pleased to be expanding our partnership with John Lewis following a successful initial test phase. The retailer will now be able to use voice-of-the-customer analytics to make more informed decisions that will help differentiate its product assortment across numerous categories.”
The initial pilot enabled John Lewis to improve buy depths and optimize assortments in its womenswear and home categories. In addition, First Insight’s testing revealed insights about raw materials: the company discovered strong customer preferences on bedding fabric content and leveraged those insights in finalizing their line.
“We want to become even more data-driven in our decisions,” said Susan Young, Partner and Head of Trading Operations and Development at John Lewis. “In the trial we used the test results to optimize product and volume buying decisions for our Home and Fashion ranges. We will now expand the use of First Insight to further leverage their customer-driven insights to help our buyers create and select differentiated products.”
First Insight uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products customers like best.