First Insight’s latest technology is enabling retailers to have a better grasp on pricing elasticity and product performance—and it even promises to help them improve margins.
The retail solutions provider recently announced ElastiCast, its new digital solution that allows retailers to predict the price elasticity of new products. Set to debut at the NRF Big Show in New York City this month, ElastiCast will help retailers determine optimal prices and increase margins in today’s competitive landscape.
By processing data through First Insight’s proprietary algorithms, ElastiCast enables marketers, merchants and planners to study pricing scenarios and anticipate how consumers will respond to different price points in a product’s lifecycle—including initial pricing, markdowns and clearance.
With ElastiCast’s results, retailers can determine the distribution of demand before products reach shelves and efficiently set prices. As a new capability within InsightSuite, First Insight’s predictive analytic platform for retailers and manufacturers, ElastiCast provides heightened visibility on new product performance, so industry members can avoid potential setbacks associated with pricing elasticity.
[Read more about retail technology: This Tech is Helping Retailers Elevate In-Store Personalization Efforts]
“ElastiCast takes the guesswork out of pricing decisions with a real-time solution that can predict outcomes based on any price or point in time within a product’s life cycle. Through this new solution, we are empowering retailers and brands with the knowledge they need to feel confident that the price on an item will deliver the sales and margins they expect,” said Greg Petro, chief executive officer of First Insight.
The introduction of ElastiCast comes on the heels of other retail technology initiatives, as industry members continue to use devices powered by analytics, AI and other innovations to stay agile and meet consumers’ expectations.
Retail technology startups, like Snowflake and Treasure Data, are boosting retailers’ supply chains by breaking down data silos and automating operations. This month, Theatro, a Dallas-based startup, was honored with IoT Breakthrough Awards’ Connected Retail Application of the Year in the Industrial and Enterprise IoT category. Theatro’s Communicator—an enterprise IoT mobile end point device that uses a voice-controlled AI interface—was recognized for its ability to boost sales associate productivity. With the device, sales associates can handle multiple brick-and-mortar tasks without losing focus on consumers in a brick-and-mortar environment.
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