Technology firm First Insight has announced an extended partnership agreement with The Limited, an iconic fashion retailer that offers high-quality, private brand apparel. According to the companies, First Insight's consumer-driven predictive analytics help The Limited make faster and more accurate design, buying and pricing decisions, thereby reducing markdowns and mitigating risks associated with new product introductions.
"By using First Insight to identify more winning products and price them correctly, our business will continue to increase its speed to market with the right styles at the right price," said Diane Ellis, CEO of The Limited. "The accuracy and scalability of the First Insight platform will drive our expanded approach to value delivery, including pricing and promotion."
In partnering with First Insight, The Limited gains strategic investment guidance on thousands of new products and designs, the companies said. First Insight engages The Limited customers through online social engagement tools to gather real-time data on new products. This data is filtered through First Insight's predictive analytic models to determine which products present the greatest opportunity.
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