US: Abercrombie & Fitch to use predictive analytics
First Insight’s solution will enable Abercrombie & Fitch to test new candidate products
Teen apparel retailer Abercrombie & Fitch has partnered with a new solutions provider as part of its strategy to increase speed to market.
The retail group has turned to technology firm First Insight to receive consumer-driven predictive analytics that Abercrombie says will help it make faster and more accurate design, buying and pricing decisions.
This, it says, will help reduce markdowns and mitigate risks associated with new product introductions.
First Insight's solution will enable Abercrombie & Fitch to test new candidate products, in every product category, on a weekly basis, throughout the merchandising organisation and the product development lifecycle. This, in turn, should lead to a drop in promotions and an increase in average unit retail prices.
"By using First Insight to identify more winning products and price them appropriately, we are increasing speed to market with the right styles which will yield increases in sales and margin," said Gillian Galner, GVP of Abercrombie & Fitch.
"After evaluating the solution for an extended period, we have confirmed the solution will deliver a strong return on investment."
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