First Insight, Inc., the world’s leading technology company transforming how retailers and brands make product investment, pricing and marketing decisions, today announced the launch of a major expansion of its Voice of Customer Analytics platform. The new capabilities build on First Insight’s industry-leading enterprise-grade digital product testing solution to enable unprecedented scale and data security for companies introducing high volumes of new products each year. The solution enhancements also deliver a deeper understanding of the products customers will buy and why they buy them, including attribute-level analytics and tools to assess the interaction between items within an assortment.
“Through our work with many of the largest retailers, brands and manufacturers in the world, First Insight has developed an understanding of what is required to provide an enterprise-level platform capable of delivering significant and measurable ROI,” said Greg Petro, CEO of First Insight. “Today, First Insight is the only platform performing digital testing of tens of thousands of products annually for many of our retail partners. Operating at that scale requires mission-critical analytics and integration capabilities. We continue to invest heavily in our solution and are excited to extend our platform with these enhancements.”
First Insight’s new solution capabilities include:
Integration and APIs. Large enterprises demand technology solutions that integrate with their environment. First Insight is the only Voice of Customer Analytics solution purpose-built for new product testing that seamlessly integrates within the retail ecosystem, and it now offers an advanced API for integrating InsightSUITE with product lifecycle management (PLM) systems and other data repositories. These integrations streamline workflow and enable customer feedback to be incorporated throughout the process – from initial product concept to manufacture/buy to inventory allocation.
Aggregated Dashboard Analytics and Tagging. Large enterprises, whether they are testing hundreds or tens of thousands of items, can now manage their new product development and testing processes and results unlike ever before. Executives, merchants, designers and planners can now quickly view graphical reports regarding system utilization, test item scores and decisions made per test item – mapped over time and filtered by department, category, season, brand or channel. New tagging capabilities allow for streamlined searches of items and insights and for real-time reporting. All of these capabilities are designed to maximize the return on investment of the First Insight solution.
Compliance with Data Security Standards. First Insight also is the only solution to comply with enterprise-grade data security requirements such as single sign-on (SSO), which connects First Insight’s login and user management with customers’ enterprise IT user management. First Insight is also compliant with global industry standards, including SOC 2 and, GDPR and other standards, giving retailers and brands confidence in making First Insight’s digital testing solution an integral part of their global go-to-market process.
Enhanced Attribute Analysis. Retailers and brands can now leverage the voice of their customer to understand which attribute types on new product concepts and designs are working well, and which should be changed. This capability enables designers and merchants to learn what to change about an item in order to improve its performance – for example, color, pattern, material or silhouette. The solution also lets retailers know which specific attributes resonate with customers.
Interactions Analysis. In building assortments, it is critical for merchants and planners to understand the effect one item has on another. Some items may be highly cannibalistic of each other, while others may offer incremental opportunity when placed together in an assortment. First Insight’s new Interactions Analysis capability lets companies understand these effects and explore the specific groups of consumers to which an item – or an item bundle – will appeal.
First Insight’s new capabilities are being leveraged by retailers, brands, sourcing companies and manufacturers throughout the world. Recently, Li & Fung, the world’s leading consumer goods supply chain solutions partner, and First Insight announced a strategic agreement.
“At Li & Fung, we help brands and retailers digitize design and bring the right products to market quickly and efficiently,” said Spencer Fung, Group CEO of Li & Fung. “We have been investing in our Digital Product Development services for the past three years, bringing together technologies that support our goal of creating the Supply Chain of the Future. First Insight brings the leading digital consumer product testing solution and we are using it to complement our digital services and help our customers improve sales and margins.”
First Insight will be demonstrating these new capabilities from January 12 through 14 at NRF: Retail’s Big Show in New York City, Booth #5073. Contact First Insight to schedule a meeting here: https://info.firstinsight.com/nrf-2020.
About First Insight, Inc.
First Insight is the world’s leading digital product testing and decision-making platform that empowers retailers and brands to incorporate the Voice of the Customer into the design, pricing, planning and marketing of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models powered by machine learning and AI to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price, plan and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.