PITTSBURGH--(BUSINESS WIRE)--First Insight, Inc., a global leader in Voice of the Customer (VoC) retail solutions, announced today that it has been identified as a Representative Vendor in the 2024 Gartner® Market Guide for Retail Unified Price, Promotion and Markdown Optimization Applications — Long Life Cycle report. Gartner has recognized First Insight as a Representative Vendor in its Retail Unified Price, Promotion, and Markdown Optimization reports since 2016.
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 margin, sales, and profit for all products that are targeted to each specific customer behavioral segment.”
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. Unlike other price optimization solutions which may analyze pricing simply by country or region, InsightSUITE also provides selection, buying, and pricing insights per target segment, as defined by customer demographics, behaviors, attitudes, and/or personas.
“In our opinion, it’s an honor to be recognized in the 2024 Gartner® Market Guide for Retail Unified Price, Promotion, and Markdown Optimization Applications — Long Life Cycle,” said Greg Petro, President and CEO of First Insight. “In the long life cycle market, determining the initial price is critical to meeting financial targets. This is especially difficult for new items without sales history. Consumer-based, price-elasticity analysis and revenue optimization curves give retailers a competitive advantage when setting initial prices for long life cycle items.”
InsightSUITE supports various pricing decisions throughout the product lifecycle, including pre-season planning, in-season markdowns, and promotional optimization for both short- and long-term products. Ideal for small and medium businesses as a stand-alone tool, InsightSUITE also seamlessly integrates with large enterprise pricing management systems to enhance overall pricing strategy.
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 — Long Life Cycle, by Jonathan Kutner, June 5, 2024
Gartner clients can view the full report here.
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About First Insight
First Insight is the global leader in Voice of the Customer retail solutions, transforming business decision-making through actionable consumer insights and AI. First Insight’s platform enables retailers and brands worldwide to boost revenues and profitability by informing strategic decisions with consumer data and removing guesses and personal opinions. Trusted by leading retailers, vertically integrated brands, mass merchant retailers, and wholesalers, First Insight leads in optimizing strategy, product, pricing, planning, and marketing decisions. For further information, visit www.firstinsight.com.