First Insight, Inc., a global leader in Voice of the Customer (VoC) retail solutions, announced that it has been identified as a Representative Vendor in the 2024 Gartner® Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Short Life Cycle report, published in April 2024. Gartner has recognized First Insight as a Representative Vendor in its Retail Unified Price, Promotion, and Markdown Optimization reports for the 7th time.
According to the Gartner report, “Applying a customer-behavior-centric approach to pricing will enable retailers to set prices based on the perceived value of a product to specific customers or customer segments. This means pricing solutions must have the capability to analyze crucial product attributes and apply these to the differing elasticity of demand of the various customer types. This will mean true optimization of sales and profit of all products and customers.”
First Insight provides a Voice of Customer platform, InsightSUITE, which generates actionable consumer insights for design concepts, new products, assortments, and marketing initiatives to inform selection, rationalization, pricing, buying, and conversion decisions.
“One of the biggest challenges retailers and brands face today is pricing, especially with new styles, whitespace items and aspirational customers retailers are trying to obtain,” said Greg Petro, President and CEO of First Insight. “As one customer said, ‘If merchants have pricing issues after the first buy, we are just fire-fighting at that point’. Gaining greater control of pricing across the lifecycle is the only way to drive margin and our consumer-driven, predictive analytics platform empowers brands and retailers with that control. We are proud to be included again in the Gartner Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Short Life Cycle.”
InsightSUITE informs a range of pricing decisions across the product lifecyle, from pre-season strategies to in-season markdown and promotion optimization, for both long- and short-life items. It can be used as a stand-alone application, especially in small and medium accounts, or can complement large enterprise pricing management systems.
Major retailers and brands around the world have improved their product success rates, line productivity, inventory levels, and margins by optimizing their decisions about next season’s items with first-hand feedback from their target consumers. Unlike other market data sources and research tools that leverage historical and current information to predict high-level trends, demand, and pricing, InsightSUITE digitally engages targeted consumers and provides actionable, predictive decision-making data within a day.
Gartner, Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Short Life Cycle, by Jonathan Kutner, April 22, 2024
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