First Insight announced today that it has launched new price optimization software that will support retailers and brands with one of greatest challenges they face in today’s economic environment. In a recent report, First Insight and WWD found that 40% of retail executives revealed that, in the face of ongoing business challenges, pricing was the one area within their control. 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. Furthermore, 60% of retail executives believe that Voice of Customer and analytics software like First Insight’s ground-breaking Price Optimization Solution is important or very important to their businesses.
First Insight’s Price Optimization Software is unique in its unlocking of the power of Voice of Customer data and offers 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 their customers.
“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,” said Greg Petro, CEO, First Insight. “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.”
First Insight’s price optimization software allows retailers and brands to effectively determine price points for products in real time through an easy to use, intuitive interface. The software is a cloud-based, SaaS solution that can be used immediately to drive position impact to a company’s sales and gross margin. The solution allows businesses to mitigate unknown or unforeseen risks such as supply chain disruptions and rampant inflation. With powerful and proven analytics, First Insight’s price optimization solution supports retailers with data to help them land on ideal pricing and remain competitive throughout the entire product lifecycle including liquidation.