by Angela Guess
According to a recent press release, “First Insight, the leading provider of solutions that empower brands and retailers to incorporate the voice of the customer into the design and merchandising of new products, announced today the launch of its Optimized Line Planning (OLP) solution in collaboration with PTC, a global technology provider of the ThingWorx® IoT platform and FlexPLM® product lifecycle management (PLM) software for retail, fashion, footwear, apparel, and consumer products. ‘We want to provide actionable insights to retailers as early as possible in the product decision cycle. With Optimized Line Planning we can now offer that kind of guidance at the very first step of creating an assortment. By leveraging the design recommendations provided by OLP based on historical data streams and real-time consumer input, retailers can mitigate the risk in line planning where they have the least reliable data to inform their decisions,’ said Greg Petro, CEO of First Insight.”
The release goes on, “The Optimized Line Planning solution helps retailers and brands: Understand key characteristics of their customer base and how they impact revenue and margin. Inform the assortment strategy based on the understanding of the consumer. Create optimal line plans and design products guided by specific attribute recommendations from the tool. OLP helps brands answer the question ‘What type of designs should I be exploring for my target consumers to maximize revenue?’ The solution builds on the existing InsightTARGETING capabilities of First Insight to create buyer personas that enable more targeted offers based on consumer input on new products. By bringing together various data sources including First Insight testing data as well as historical sales and purchase history information and applying the powerful machine learning capabilities of ThingWorx® to this data set, it provides recommendations around the type of products to bring to market, with specific product design elements that will enable customers to maximize the financial impact of the assortment.”
Read more at Marketwired.
Photo credit: First Insight