Today’s market pressures have put a stranglehold on any available margin of error at retail.
As sellers and brands strive to deliver a more compelling sales experience than their competition, the most successful companies are turning to data analytics to better understand how their customers will react to new products.
In a new series of conversations with Sourcing Journal founder and president Edward Hertzman, First Insight’s CEO Greg Petro shares how his company works with apparel retailers to reduce the amount of risk that’s associated with introducing new products and managing inventory flow.
In this first video, Petro explains how apparel retailers and brands can use predictive analytics to get their teams behind winning products—and avoid potential PR nightmares. As he explains, most people are already accustomed to using tech to inform their everyday decisions—like picking the best route on a road trip. Similarly, organizations can incorporate predictive analytics to anticipate which new products to bring to market and to drive sales through timely replenishments.
“It isn’t about inserting data into decision making,” Petro said, “as much as it is having both the creative folks and scientific folks come together in an understanding of how consumers are going to respond in a way that’s very organic and very understandable.”
Click above to watch the first video with First Insight, and watch for more in this series with Rue21 CEO Michael Appel and former Loft president Andrew Clarke.