British retail giant’s analytics commitment is paying off
Marks & Spencer Group is making better design, buying and pricing decisions.
Through a partnership with First Insight, the retailer is using consumer-driven predictive analytics to better target merchandise assortments. By applying consumer input and their buying decisions, the retailer is improving its design, buying and pricing decisions on categories including apparel, lingerie, footwear, accessories, food, home and beauty.
The technology uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
To date, the software has enabled Marks & Spencer to test “tens of thousands of products” across more than 50 departments, a move that enables the company to procure more of what customers like. The platform has also helped shape collections that resulted in customers getting the best products at the right prices, the retailer reported.
“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,” said Gordon Mowat, director of supply chain and logistics at Marks & Spencer. “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.”
In addition to selling online, Marks & Spencer operates 1,463 stores across 57 countries.
Through a partnership with First Insight, the retailer is using consumer-driven predictive analytics to better target merchandise assortments. By applying consumer input and their buying decisions, the retailer is improving its design, buying and pricing decisions on categories including apparel, lingerie, footwear, accessories, food, home and beauty.
The technology uses online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings. The information is filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
To date, the software has enabled Marks & Spencer to test “tens of thousands of products” across more than 50 departments, a move that enables the company to procure more of what customers like. The platform has also helped shape collections that resulted in customers getting the best products at the right prices, the retailer reported.
“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,” said Gordon Mowat, director of supply chain and logistics at Marks & Spencer. “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.”
In addition to selling online, Marks & Spencer operates 1,463 stores across 57 countries.