First Insight Launches First Solution That Enables Retailers to Forecast Pricing Elasticity
ElastiCast Determines Optimal Prices to Maximize Sales and Increase Margins; Showcased at NRF Big Show, Booth #3053
PITTSBURGH–(BUSINESS WIRE)–First Insight, a technology company transforming how leading retailers and brands make product investment and pricing decisions, announced today the release of ElastiCast, the world’s first and only solution that enables retailers to forecast price elasticity of new products to determine optimal prices and increase margins. The new solution will be showcased at the First Insight booth #3053 during the NRF Big Show 2018 in New York City from January 14-16.
By collecting consumer data and processing these data through First Insight’s proprietary algorithms, ElastiCast enables merchants, planners and marketers to analyze various pricing scenarios and predict how consumers will react to different price points throughout the product’s life cycle – from initial pricing to markdowns to clearance. Results allow retailers to see the distribution of demand, before they go to market, so they can set prices more intelligently.
“ElastiCast takes the guesswork out of pricing decisions with a real-time solution that can predict outcomes based on any price or point in time within a product’s life cycle,” said Greg Petro, CEO of First Insight. “Through this new solution, we are empowering retailers and brands with the knowledge they need to feel confident that the price on an item will deliver the sales and margins they expect. We’re thrilled to be the first to market with this solution.”
ElastiCast is a new capability within InsightSuite, First Insight’s predictive analytic platform which enables retailers and manufacturers to select, price, market and buy new products with no sales history. ElastiCast provides InsightSuite users with even greater visibility into expected new product performance, months before the products are brought to market.
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower retailers and brands to incorporate the voice of the consumer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of the world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.