Pittsburgh -- First Insight said Thursday that it has forged an agreement with Saks Fifth Avenue Off 5TH to provide predictive analytics generated from online consumer engagements to help the outlet retailer make faster and more accurate buying and pricing decisions for new products. These decisions are designed to reduce markdowns and out-of-stocks, as well as to mitigate risks associated with new product introductions.
In partnering with First Insight, Saks Fifth Avenue Off 5th is seeking to gain strategic investment guidance on new fashion apparel products and design concepts. The First Insight solution uses online social engagement tools to gather real-time preference, pricing and sentiment data on Saks Fifth Avenue Off 5th’s new products. This information is filtered through First Insight’s predictive analytic models to determ