Marks & Spencer Expands Partnership with First Insight
August 01 2018 - 7:00AM
Business Wire
Retailer uses Predictive Analytics to make
design, buying and pricing decisions
First Insight, Inc., a global technology company transforming
how leading retailers make product investment and pricing
decisions, and Marks and Spencer (M&S), (LON: MKS) one of the UK’s largest and most iconic
retailers, today announced an expansion of their partnership.
M&S has been using First Insight’s consumer-driven
predictive analytics to make design, buying and pricing decisions
on categories including apparel, lingerie, footwear, accessories,
food, home and beauty. The software has enabled M&S to test
tens of thousands of products across more than 50 departments in
order to buy more of what customers like. The platform has helped
shape collections and resulted in customers getting the best
products at the right prices.
Gordon Mowat, Director of Supply Chain and Logistics at M&S,
said: “Everything M&S does as a company is filtered through the
lens of what we know about our customers, and every decision starts
with them. First Insight’s technology gives us invaluable feedback
on new products during design and development, so we can buy more
of what our customer likes and eliminate products that score less
well.”
First Insight uses online social engagement tools to gather
real-time preference, pricing and sentiment data on potential
product offerings. The information is filtered through First
Insight’s predictive analytic models to determine which products
present the greatest opportunity. The solution is enabling M&S
to evaluate a greater number of products and reflect direct
consumer input in their buying decisions.
“The global retail market is changing quickly, and retailers
need to adapt to succeed,” said Greg Petro, CEO and founder of
First Insight. “M&S is a forward-thinking company and is
investing in solutions to get closer to its customers. We have
developed a valued partnership with M&S which has demonstrated
a strong ROI and the ability to scale across their business. We
look forward to expanding the partnership to additional
categories.”
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
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 reduced markdown rates and 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.
About Marks &
Spencer
M&S is a unique retailer with a great heritage. We operate
Food, Clothing & Home and other retail businesses using the
M&S own-brand model, focused on delivering great value for
money. Although primarily based in the UK, we sell into 57
countries from 1,463 stores and websites around the world. We
employ 81,000 colleagues serving about 32 million customers.
For more information visit corporate.marksandspencer.com
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version on businesswire.com: https://www.businesswire.com/news/home/20180801005166/en/
Media:Berns Communications Group, LLCMichael McMullan,
212-994-4660mmcmullan@bcg-pr.comorM&S:Rachel Silver, +44
(0)203 934 1937rachel.silver@marks-and-spencer.comorRachel
DeeveyRachel.Deevey@marks-and-spencer.comorFirst
Insight:Gretchen JezercSVP of
Marketinggretchen.jezerc@firsinsight.com
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