PITTSBURGH--(BUSINESS WIRE)--First Insight, Inc., a technology company providing leaders in the retail industry with a predictive analytic solution for new product evaluations, today announced the extension of its agreement with Pacific Sunwear of California, Inc., a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. First Insight’s consumer-driven analytics are used by Pacific Sunwear to help it make faster and more accurate design, buying and pricing decisions, with the goal of reducing markdowns and mitigating risks associated with new product introductions.
“We are seeing value in the First Insight solution, and based on that, we made the decision to extend our agreement with the company,” said Craig Gosselin, SVP and General Counsel of Pacific Sunwear. “We continue to be encouraged by the First Insight platform’s ability to provide a level of speed, scalability and predictability.”
The First Insight solution provides manufacturers and retailers with strategic investment guidance on thousands of new products and designs. First Insight engages consumers through online social engagement tools to gather real-time data on new products. This data is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
First Insight’s solution enables retailers such as Pacific Sunwear to:
- Evaluate a greater number of designs or products quickly, increasing speed to market.
- Calibrate inventory buys based on direct consumer input and predictive analytics.
- Optimize pricing and allocation strategies to maximize ROI.
“We are thrilled to be extending our partnership with Pacific Sunwear,” said Greg Petro, President and CEO of First Insight. “Our mission is to provide retailers such as Pacific Sunwear with a fast, scalable solution that lets them leverage customer feedback and predictive analytics to make product decisions with confidence.”
About First Insight, Inc.
First Insight is the leading predictive analytic consumer testing solution that retailers use to select the most profitable new products for improved sales, margins and inventory turnover. With the use of First Insight data, retailers gain a forward-looking view of customer demand and merchandise profitability. Based in Pittsburgh, PA, First Insight creates unique consumer experiences and engages large groups of consumers, while collecting valuable preference and pricing data. Implementing First Insight’s predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Customers include Fortune 500 companies, including leading department stores, specialty retailers, sporting goods, home, jewelry and footwear companies. For further information, please visit www.firstinsight.com.
About Pacific Sunwear of California, Inc.
Pacific Sunwear of California, Inc. and its subsidiaries (collectively, "PacSun" or the "Company") is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. As of June 5, 2013, the Company operated 638 stores in all 50 states and Puerto Rico. PacSun's website address is www.pacsun.com.