PITTSBURGH--(BUSINESS WIRE)--First Insight, Inc., a technology company transforming how leading retailers and brands make product investment and pricing decisions, today announced results of a consumer insights analysis which predicts the success of several of this year’s most anticipated consumer technology gadgets. According to First Insight, Neonode Airbar, Eyeque and Phab Pro 2 Smartphone are among the products most likely to succeed.
First Insight ran its predictive analytic models on data collected from more than 1,600 consumers, assessing factors related to the likeability and pricing of twelve new technology products revealed during the Consumer Electronics Show in January 2017. Resulting Value Scores ranged from 10, the most likely to succeed, to 1, the least likely.
“Evolutions in technology are bringing exciting new innovations to the consumer market with the promise to solve problems, tackle challenges, and make lives easier,” said Greg Petro, CEO of First Insight, Inc. “Our analysis of the hottest new technology products showed that the recipe for success is reliant not only on whether consumers like it or think it’s a good idea, but on a price tag that aligns with what consumers would pay. If a consumer thinks it is too expensive, the value isn’t there, and the likelihood for success is low.”
Most likely to Succeed
With high consumer sentiment and pricing on par with consumer expectations, the Neonode Airbar, which turns any computer into a touchscreen at $69.00; the Eyeque, an at-home vision and testing technology for $29.99; and Phab Pro 2 Smartphone that enables augmented reality for $499, earned the highest value scores of nine, eight and seven, respectively.
Challenged By Pricing
However, several consumer favorites which scored very high on sentiment are targeting price points significantly higher than the value consumers placed on the product. For example, while 67 percent of respondents liked the Leka, a new robotic companion designed for children with special needs, consumers thought the product was worth $349 versus the planned list price of $690, resulting in a value score of four. Similarly, the Kuri, a mobile, interactive home robotic companion which 62 percent of respondents liked, garnered a value score of only four when respondents said they’d price the item at $461 rather than $699.
To calculate value scores, First Insight engaged consumers with its online game, which solicited respondents to indicate the price they feel the market will pay for each item, to rate their sentiment on a 5-point scale (Love, Like, Neutral, Leave, Hate), and to provide unstructured comments on what they like or do not like about each item.
About First Insight, Inc.
First Insight is the world’s leading provider of solutions that empower brands to incorporate the voice of the consumer into the design and merchandising of new products. Through the use of online consumer engagement, the First Insight solution gathers real-time consumer data and applies predictive analytic models to create actionable insights, which drive measurable value. Retailers, manufacturers and brands use the First Insight solution to design, select, price and market the most profitable new products for reduced markdown rates and improved sales, margins and inventory turnover. Customers include some of world’s leading vertically integrated brands, sporting goods companies, department stores, mass merchant retailers and wholesalers. For further information, please visit www.firstinsight.com.