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The new software provides an immediate competitive advantage to retailers and brands facing the challenging economic environment of 2023.
PITTSBURGH–(BUSINESS WIRE)–First Insight today announced it has launched new price optimization software that will support retailers and brands with one of the biggest 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 only area under their control. Prices far outpaced other critical business priorities, including inventory investment; inventory and supply chain logistics; customer retention and acquisition; store operations and labor; and last mile logistics. Additionally, 60% of retail executives believe that Voice of Customer and analytics software like First Insight’s innovative price optimization solution are important or very important to their business.
First Insight’s price optimization software is unique in its unleashing of the power of Voice of Customer data, giving retailers and brands the data they need to determine the optimal opening price, promotional prices, and price points. discount for products, while also collecting product-specific feedback from your customers. .
“Getting the price right can make or break a month, a season, a deal or a career and Protecting margins is a top priority for retailers by 2023,said Greg Petro, CEO of First Insight. “One factor that C-Suite can ultimately control, even after all the decisions have been made, is price. The more an executive understands how product sales change with his company’s price; the more power they have to control their own outcome.”
First Insight’s price optimization software enables retailers and brands to effectively determine product price points in real time through an intuitive and easy-to-use interface. The software is a cloud-based SaaS solution that can be used out-of-the-box to drive the impact of the position on a company’s sales and gross margin. The solution enables companies to mitigate unknown or unforeseen risks, such as supply chain disruptions and runaway inflation. With powerful and proven analytics, First Insight’s price optimization solution supports retailers with data to help them achieve ideal prices and remain competitive throughout the product lifecycle, including closeout.
Read the full report, The Inflation Disconnect Between Retail Executives and Consumers, here.
For a deeper dive into First Insight’s new price optimization software and its benefits, download the First Insight eBook, The Ultimate Guide to Price Optimization Software, here.
About First Insight
First Insight, the world leader in next-generation experience management (XM) for retail, is transforming the way businesses make better decisions. Clients include some of the world’s leading retailers, vertically integrated brands, department stores, consumer products companies, mass commercial retailers, and wholesalers. For more information, visit www.firstinsight.com.
View the source version at businesswire.com: https://www.businesswire.com/news/home/20230115005034/en/
Berns Communications Group
michael mcmullan
[email protected]
Source: First Insight
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