M&S is working with technology company First Insight to shape its collections based on consumers’ taste.
The Elite retailer, in Top500 IRUK research, is using First Insight’s consumer-driven predictive analytics to make design, buying and pricing decisions across more than 50 departments like apparel, footwear, accessories, home and beauty. The solution allows M&S to evaluate a significant number of products to directly reflect shoppers’ input in their buying decisions.
Gordon Mowat, Director of Supply Chain and Logistics at M&S, said: “Everything M&S does as a company is filtered through the lens of what we know about our customers, and every decision starts with them. First Insight’s technology gives us invaluable feedback on new products during design and development, so we can buy more of what our customer likes and eliminate products that score less well.”
The retail says that the platform has already helped to shape it previous collections which resulted in customers getting the best products.
M&S analyses tens of thousands of products via the software that uses social engagement tools to gather real-time preferences, pricing sentiment data on potential product offerings. First Insight filters through customers’ choices via its predictive analytics model to determine which products present the biggest selling opportunity.
Gordon Mowat concludes: “The global retail market is changing quickly, and retailers need to adapt to succeed,” said Greg Petro, CEO and founder of First Insight.
“M&S is a forward-thinking company and is investing in solutions to get closer to its customers. We have developed a valued partnership with M&S which has demonstrated a strong ROI and the ability to scale across their business. We look forward to expanding the partnership to additional categories.”
Image credit: screenshot of M&S’ website