Pier 1 Engages Predictive Analytics Company
March 16, 2017,
PITTSBURGH—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.”