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Home decor brand bolsters offering through predictive analytics


With increased competition in the home furnishings category heats up, Pier 1 Imports wants to feature better assortments and pricing decisions to attract and retain shoppers.

The retailer is adopting a new predictive analytics solution from First Insight, which is designed to help it make quicker and more accurate design, buying and pricing decisions, as well as evaluate opportunities for new product launches.

Using online social engagement tools to gather real-time pricing and sentiment data on potential product offerings, the new solution applies this incoming data to its predictive analytic algorithm to determine which products present the greatest opportunity. Armed with these real-time results, Pier 1 will be able to evaluate a greater number of designs or products quickly, increasing speed to market; calibrate inventory buys, and optimize pricing and allocation strategies to maximize its returns on investment.

“First Insight’s expertise will complement our identification and analyses of new product and category offerings, and enhance informative decision making based on direct feedback from consumers, including Pier 1 Imports customers,” said Cathy David, executive VP of merchandising for Pier 1 Imports. “By working with First Insight, we will gain a more comprehensive understanding at the beginning of our product selection and development process of what customers perceive as distinctive products at a great value, thereby helping maximize our sales and profit potential.”

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