PITTSBURGH--(BUSINESS WIRE)--First Insight, Inc., a technology company transforming how leading retailers make product investment and pricing decisions, today announced that it has been named in Gartner's "Hype Cycle for Retail Technologies, 2017," a report by Gartner Research Director Robert Hetu. This marks the fifth consecutive year that First Insight has been included in this list of sample vendors.
The Hype Cycle is published annually by Gartner, a leading information technology research and advisory company. First Insight was named in the category of "Customer-Centric Merchandising and Marketing,” which the report defines as technology that "supports retailer efforts to offer the right product assortments to customers, defines the customer behavioral segments, defines critical elements of differentiation and service delivery standards, and measures the impact of all activities based on customer behavior segments."
In describing how retailers can benefit from technologies such as those offered by First Insight, Mr. Hetu states, "Customer-centricity requires the application of algorithms to big data to extract meaningful information to enable customer-centric actions across merchandising and marketing." Gartner also notes:
- Targeted assortments and strategically placed inventory aligned with targeted marketing will increase sales and margins while reducing costs and improving customer experience.
- Gartner indicates a benefit rating of “high” for retailers who implement customer-centric merchandising approaches.
"To us, being included as one of the sample vendors in the Customer-Centric Merchandising and Marketing category of this year's Hype Cycle is validation that our customer-driven predictive analytics are filling a critical need in the industry," said Greg Petro, CEO and Founder of First Insight. "We believe that having been named to this important list for five consecutive years speaks to the quality and continued evolution of our solutions and the potential they offer the retail industry. In fact, our solution is consistently delivering 3-9% gains in sales and margin by providing investment and pricing insight on new products. We are honored to be included among a sample list of such notable technology innovators."
Founded in 2007, First Insight is a cloud-based technology company and provider of the world’s leading platform for empowering retailers and brands to introduce the right products at the right price. The First Insight solution, InsightSuite, applies predictive analytic models to online data collected from thousands of consumers giving merchants, designers, marketers and planners insight into consumer demand and optimal entry price points for new products. First Insight’s accurate, scalable, high-speed solution can significantly reduce time to market, enabling companies to capitalize on winning products ahead of their competition.
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the consumer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price 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.