First Insight announced today the release of ElastiCast, the world’s first and only solution that enables retailers to forecast price elasticity of new products to determine optimal prices and increase margins. The new solution will be showcased at the First Insight booth #3053 during the NRF Big Show 2018 in New York City from January 14-16.
By collecting consumer data and processing these data through First Insight’s proprietary algorithms, ElastiCast enables merchants, planners and marketers to analyze various pricing scenarios and predict how consumers will react to different price points throughout the product’s life cycle - from initial pricing to markdowns to clearance. Results allow retailers to see the distribution of demand, before they go to market, so they can set prices more intelligently.
“ElastiCast takes the guesswork out of pricing decisions with a real-time solution that can predict outcomes based on any price or point in time within a product’s life cycle,” said Greg Petro, CEO of First Insight. “Through this new solution, we are empowering retailers and brands with the knowledge they need to feel confident that the price on an item will deliver the sales and margins they expect. We’re thrilled to be the first to market with this solution.”
ElastiCast is a new capability within InsightSuite, First Insight’s predictive analytic platform which enables retailers and manufacturers to select, price, market and buy new products with no sales history. ElastiCast provides InsightSuite users with even greater visibility into expected new product performance, months before the products are brought to market.
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