First Insight Announces Agreement With Pacific Sunwear To Provide Predictive Testing Solution For New Products
First Insight, Inc., a technology company providing leaders in the retail industry with a predictive analytic consumer testing solution, recently announced an agreement with Pacific Sunwear of California, Inc., a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. First Insight will provide consumer-driven analytics intended to help Pacific Sunwear make faster and more accurate design, buying and pricing decisions, thereby reducing markdowns and mitigating risks associated with new product introductions. Terms of the deal were not disclosed.
In partnering with First Insight, Pacific Sunwear is seeking to gain strategic investment guidance on thousands of new products and designs. As part of this agreement, First Insight will engage Pacific Sunwear customers through online social engagement tools to gather real-time preference, pricing and sentiment data on new product groups. This information will be filtered through First Insight's predictive analytic models to determine which products present the greatest opportunity.
First Insight's solution is designed to enable retailers such as Pacific Sunwear to:
- Evaluate a greater number of designs or products quickly, increasing speed to market.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize pricing and allocation strategies to maximize ROI.
Greg Petro, CEO and founder of First Insight, commented, "We are thrilled to partner with Pacific Sunwear. Our mission is to provide retailers such as Pacific Sunwear with a fast, scalable solution that lets them leverage customer feedback and predictive analytics to make product decisions with confidence."
"In this consumer-driven economy, the need to understand customer demand is critical," said Charlie Mescher, Senior Vice President of Mens' at Pacific Sunwear. "After evaluating several commercial options, we chose First Insight based upon the potential of their platform's ability to provide superior speed, scalability and predictability."
About First Insight, Inc.
First Insight is the leading predictive analytic consumer testing solution that retailers use to select the most profitable new products for improved sales, margins and inventory turnover. With the use of First Insight data, retailers gain a forward-looking view of customer demand and merchandise profitability. Based in Pittsburgh, PA, First Insight creates unique consumer experiences and engages large groups of consumers, while collecting valuable preference and pricing data. Implementing First Insight's predictive analytics solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Clients include Fortune 500 companies, including leading department stores, specialty retailers and footwear companies. First Insight is a silver-level sponsor of NRF's 2012 Big Show. For more information, visit www.firstinsight.com.
About Pacific Sunwear of California, Inc.
Pacific Sunwear of California, Inc. and its subsidiaries (collectively, "PacSun" or the "Company") is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. As of January 5, 2012, the Company operated 794 stores in all 50 states and Puerto Rico. For more information, visit www.pacsun.com.
SOURCE: First Insight, Inc.