New alliance gives retailers and brands an exceptional tool to create localized assortments and optimize omni-channel activities
TXT Retail, the leading provider of integrated and collaborative End-to-End Planning solutions for the Fashion, Luxury and Consumer sectors, and First Insight, Inc., the leading provider of solutions that empower brands to incorporate the voice of the customer into the design and merchandising of new products, today announced a global alliance agreement. The Agreement enables retailers and brands to combine TXT Retail’s Planning Solutions with First Insight’s actionable consumer-driven analytics to create more accurate and targeted customer focused assortment plans.
“Today over 300 leading retailers leverage our solutions to power their planning and assortment process,” said Peter Charness, SVP and CMO of TXT Retail. “We’re excited about the opportunity to work with First Insight to provide retailers with more tools to deliver a superior shopping experience to their customers across all channels.”
Charness added, “TXT Retail enables a retailer to utilize a vast amount of input in the plan creation and execution process. We feel that the addition of First Insight’s capabilities to further enrich consumer input from innovative sources and to create advanced predictive models gives retailers another tool that can be incorporated into the planning process, resulting in increased sales and margin potential.”
“First Insight’s retail customers use our consumer-driven predictive analytics to increase their new product success rates, typically driving 3-9% increases in gross margin,” said Jim Shea, Chief Commercial Officer of First Insight. “Many have asked how they can leverage this information to improve their planning accuracy and efficiency. TXT Retail is a robust solution for assortment planning, and we are excited to demonstrate together how the addition of the forward-looking First Insight consumer data yields better forecast accuracy, driving higher sales and margins.”
“Now is the time for multichannel retailers to invest in assortment management applications that drive customer-centric assortments,” advises Gartner analyst Robert Hetu in the August 5, 2015 Magic Quadrant for Merchandise Assortment Management Applications. “Cloud, Mobile, social, and big data must be harnessed to deal with the complexity of sourcing, developing products and services, and the deployment of inventory as demanded by the customer.”
The alliance agreement gives both TXT Retail and First Insight the ability to deliver a solution of significant benefit to retailers by incorporating deep customer and product insight into the end-to-end planning process. First Insight and TXT Retail will be demonstrating the integration of these two solutions at NRF’s Big Show 2016 in New York, January 17th-19th .
About TXT Retail
TXT Retail is the first mover and leading provider of integrated and collaborative End-to-End Planning, PLM and Supply Chain Collaboration solutions for the Luxury, Fashion and Consumer sectors. The TXT Retail solution is based on a flexible platform that encompasses the full spectrum of activities involved with planning, designing, delivery, and managing assortments through every stage of its lifecycle. TXT Retail projects leverage the TXT AgileFit best practices processes and reference applications, which ensure high quality and fast benefit generation. TXT Retail counts on more than 300 employees and serves more than 300 Fashion, Retail and Luxury customers worldwide, including leading global players such as Aeropostale, Arcadia Group, Auchan, Bestseller, Carphone Warehouse, Desigual, Dior, Geox, Guess, Levi Strauss & Co., Louis Vuitton Malletier, Monoprix, Pandora, Sephora and Tesco. TXT Retail Global Headquarters are in Milan, Italy with offices in Australia, Canada, France, Germany, Hong Kong, Italy, Singapore, Spain, United Kingdom and United States. TXT Retail collaborates with selected specialized partners worldwide. TXT Retail is part of TXT e-solutions, a company listed on the Italian Stock Exchange (TXT.MI) www.txtretail.com
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the customer 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 improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com