Clothing and accessories line Vineyard Vines announced its partnership with First Insight, a technology company that collects real-time consumer data to create deep shopper insights through its predictive analytics model.
“Through First Insight’s predictive analytics, we will gain visibility into our customers’ preferences in a way that hasn’t been possible for us before,” said Mike Gaumer, president of Vineyard Vines. “By bringing winning products to market that align with the needs of our distinct customer base, we will increase traffic both in-store and online while engaging our customers more effectively.”
Gaumer noted that the company validated the ROI of the First Insight solution “through measuring a direct increase in online conversions and full-price sales.” He noted that deployment of the solution “is helping us deliver on two of our corporate goals: building great relationships with our customers and driving profitable sales.”
Vineyard Vines will gain access to sentiment data and real-time product pricing analytics to enable expedited design, buying, and pricing decision to improve sales, margins, and inventory turnover for its e-commerce and bricks-and-mortar locations.
“Vineyard Vines has built an iconic American brand synonymous with an upscale, relaxed coastal lifestyle,” said Greg Petro, chief executive officer and founder of First Insight. “By introducing the voice of the customer through predictive analytics, Vineyard Vines will increase speed to market with the right styles, targeted to their core customer.”
The partnership is one of the latest in a succession of brands and retailers deploying platforms to mine data for directive insights. As consumer preferences and expectations dramatically shift at a faster rate, merchants are charged with accelerating their supply chain in addition to finalizing nimble design and buying choices. Optimizing available data on existing consumer behavior enables retailers to inform updated business strategies for improved brand loyalty and increased revenue, among other attributes.
The article can be found here.