Pittsburgh-based predictive analytics company First Insight Inc. has inked an alliance with TXT Retail, an Italian provider of end-to-end planning solutions.
The firms said the deal would enable brands and retailers to sharpen their assortments and boost bottom lines.
TXT Retail, which counts the likes of Aeropostale, Arcadia Group, Bestseller, Guess and Levi’s among its 300-plus customers worldwide, will leverage First Insight’s technology to provide retailers with more tools to optimize their omnichannel activities.
“We feel that the addition of First Insight’s capabilities to further enrich consumer input from innovative sources and to create advanced predictive models gives retailers another tool that can be incorporated into the planning process, resulting in increased sales and margin potential,” Peter Charness, senior vice president and chief marketing officer of TXT Retail, stated.
Jim Shea, chief commercial officer of First Insight, said that its predictive analytics model typically drives 3-9 percent increases in gross margin. “Many have asked how they can leverage this information to improve their planning accuracy and efficiency,” he said, adding, “TXT Retail is a robust solution for assortment planning and we are excited to demonstrate together how the addition of the forward-looking First Insight consumer data yields better forecast accuracy, driving higher sales and margins.”
First Insight and TXT Retail will showcase the integration of their two technologies at the National Retail Federation’s (NRF) Big Show in New York’s Jacob K. Javits Convention Center in January.