Pier 1 Engages Predictive Analytics Company

Company uses online social engagement tools for real-time pricing and sentiment data
March 16, 2017Allison Zisko

Pier1 3x2PITTSBURGH—Pier 1 is partnering with technology company First Insight Inc. to make buying and pricing decisions using consumer-driven predictive analytics.

The collaboration will help the retailer make quicker and more accurate decisions regarding its furniture, tabletop items, decorative accessories and seasonal décor categories, as well as evaluate opportunities for new product launches, Pier 1 said.

“First Insight’s expertise will complement our identification and analyses of new product and category offerings and enhance informative decision making based on direct feedback from consumers, including Pier 1 Imports customers,” said Cathy David, executive vice president of merchandising. “By working with First Insight, we will gain a more comprehensive understanding at the beginning of our product selection and development process of what customers perceive as distinctive products at a great value, thereby helping maximize our sales and profit potential.”

First Insight uses online social engagement tools to gather real-time pricing and sentiment data on potential product offerings. That information is filtered through First Insight’s predictive analytic algorithm to determine which products present the greatest opportunity. As a result, First Insight said it can evaluate a greater number of designs or products quickly, increasing speed to market; calibrate inventory buys based on direct consumer input and predictive analytics; and optimize pricing and allocation strategies to maximize return on investment.

Allison ZiskoAllison Zisko | Managing Editor/Tabletop Editor
azisko@hfnmag.com

After 15 years of covering the tabletop industry, Allison Zisko is still as enthusiastic as ever about the dinnerware, glassware and flatware categories. An in-depth analysis of how the category works intrigues her just as much as the latest fashion trends. As managing editor, Allison oversees the daily e-newsletter and works behind the scenes to help produce the print issue each month. She also directs HFN’s housewares coverage and covers the cutlery category. An avid reader, Allison is eager to talk to anyone and everyone about the latest book they are reading.

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