TradeStone Software and First Insight Partner to Bring Consumer Voice into the Retail Product Design Process
First Ever Use of Social Media in PLM Provides Real-time Feedback on Designs
(Gloucester, Mass., 23 June 2010)
• TradeStone Software, recognized by analysts for delivering top-rated Merchandise Lifecycle Management (MLM) solutions that unify the design, sourcing, ordering and delivery of private label and branded goods and First Insight, a leader in consumer insights, today announced a strategic partnership to bring consumer influence through social media into the retail design cycle.
• This represents the first-ever use of advanced, consumer-focused, social media “gaming” technology and techniques in the retail supply chain
• The two software companies are working together on a ground-breaking PLM initiative that will give designers real-time data on trends, product attributes, and demand through various online networks, including social media sites such as Twitter, Facebook and MySpace.
• Retailers will be able to gain valuable intelligence from consumers during the design and planning stages by integrating First Insight’s SaaS with TradeStone’s Merchandise Lifecycle Management solution platform.
• TradeStone’s retail customers will gain the use of First Insight’s patented predictive analytics for an early view of perceived customer value, sentiment and pricing options, giving them reliable guidance to make decisions related to item selection, trend identification, category management, targeted pricing and regional merchandising.
• As a result of the partnership, retailers will be able to collect customer feedback in as little as 48 hours, providing a unique ability to guide decisions on what products, designs and attributes to source and produce.
• “We strive to help designers and merchants focus on what they do best, bring innovative products to market as quickly as possible,” said Sue Welch, CEO, TradeStone Software. “The groundbreaking work with First Insight is a strategic move that enables designers and merchants to publish ideas, concepts, materials, color palettes, etc. out to their customer communities for feedback and collaboration. This will provide unprecedented information about customer preferences early in the design cycle, helping reduce cycle times and maximize the number of on-trend items our retailers put on store shelves.”
• “In order to maximize profitability, it is crucial for retailers and manufacturers to listen to their customers before costly design and buying decisions are made,” said Greg Petro, CEO and founder of First Insight. “We are excited to incorporate First Insight’s unique customer feedback-driven technology, into TradeStone’s equally market-leading Merchandise Lifecycle Management solution suite. This partnership provides a first-ever way for retailers to access critical customer input quickly, which can greatly impact the bottom line.”