First Insight Launches ForeSight Benchmarking Process

First Insight, which helps brands incorporate the voice of the customer into the design of new products, has launched a new process called ForeSight, to help users measure their own product success rates and benchmark them against industry peers.

Pittsburgh, PA-based First Insight gathers real-time consumer data and applies predictive analytics models to create insights. Retailers, manufacturers and brands use these insights to design, price and market their products for improved sales, margins, and inventory turnover.

Since 2007, the company has collected and aggregated millions of datapoints relating to new products, which has driven the creation of the new ForeSight offer. The service involves a three-week process, during which, First Insight works with the client to quantify new product success rates by category; benchmark these success rates against aggregated data from competitors; identify areas of improvement; and quantify cost savings. Benchmark data is currently available in both North America and Europe across more than 30 sub-categories of women's, men's, and children's products in apparel, footwear, accessories, home goods, and sporting goods.

President and CEO Greg Petro (pictured) comments: 'New products carry a high degree of risk, particularly in the fashion industry. Retailers and brands want to know where they stand and how they can improve. ForeSight gives them advance insight into which categories represent the areas of greatest opportunity, so they can focus their resources.'

Web site: www.firstinsight.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.