First Insight Inc. has rolled out a new price optimization solution aimed at helping retailers and brands face the challenges of inflation on consumer spending. First Insight also launched “Ask & Answer” to further expand the company’s Insightsuite’s “Pick & Price” and “Rate & Rank” customer engagement functions.
The impetus behind launching the new price optimization solution was the executive sentiment on pricing revealed in a recent report conducted by First Insight and WWD, which found that 40 percent of retail executives acknowledged that “in the face of ongoing business challenges, pricing was the one area within their control,” First Insight said in a statement.
“Pricing far outweighed other critical business priorities including inventory investment; inventory and supply chain logistics; customer retention and acquisition; store operations and labor, and last-mile logistics,” First Insight said in a statement, adding that 60 percent of retail executives polled feel that “voice of the customer” solutions and analytics software (such as First Insight’s Price Optimization Solution) is “important or very important to their businesses.”
The company described the price optimization technology as unique as it unlocks key customer insights while giving retailers and brands “the data they need to determine optimal opening price, promotional pricing and markdown price points for products while also gathering specific product feedback from your customers.”
Greg Petro, chief executive officer of First Insight, said that getting pricing right “can make or break a month, a season, a business or a career, and protecting margins is one of retailers’ top priorities for 2023. One factor that the C-suite ultimately can control even after all decisions have been made is price. The more an executive understands how product sales change with price for their company, the more power they have in controlling their own outcome.”
Regarding the “Ask & Answer” launch, First Insight said users of its Insightsuite platform can experience “a quick and easy way to understand better their target marketplace.”
“Whether trying to identify new opportunities in a fast-changing market; the best go-to-market strategy, or ways to improve products with the target audience, Insightsuite now completely enables executives to make sound, data-driven decisions,” the company said. “Unlike traditional market research survey tools or XM platforms that require time-consuming cross-department resource coordination, Insightsuite provides proven results and market research information in 24 to 48 hours at a fraction of the cost.”
Petro said, “By better engaging, listening and understanding what customers value, the products they want to buy, and the messaging that resonates, decisionmakers now have the building blocks for their success. The businesses that truly connect with their customers to understand are the ones that will always win, even during challenging economic times. First Insight provides a competitive advantage today.”