Tween retailer ‘gets social’ to sharpen assortments, pricing
Justice is putting its predictive analytic models to work in a new way.
Ascena Retail Group’s tween brand is always looking to stay one step ahead of its digitally savvy young customer base. But the task was becoming a struggle since it was armed only with historical data that made it difficult to identify new potential customers, and provide the products they want at the right price.
By extending its relationship with First Insight, Justice now uses predictive analytics to determine which products present the greatest opportunity. By applying the solution’s online social engagement tools, Justice now gathers real-time preference, pricing and sentiment data on potential product offerings. Analysis helps the retailer determine optimal entry price points, and better forecast average unit retail (AUR) prices before introducing products to the market.
“The tween segment is fast-moving, and historical data often does not provide an accurate view as to the products our customers will want, or the prices they will pay next season,” said Jason Judd, senior VP, finance and CFO of Justice. “By working with First Insight, we’re not only picking our products better, but we’re pricing them right from the outset, and we’re already seeing great benefits to our bottom line.”
Ascena Retail Group’s tween brand is always looking to stay one step ahead of its digitally savvy young customer base. But the task was becoming a struggle since it was armed only with historical data that made it difficult to identify new potential customers, and provide the products they want at the right price.
By extending its relationship with First Insight, Justice now uses predictive analytics to determine which products present the greatest opportunity. By applying the solution’s online social engagement tools, Justice now gathers real-time preference, pricing and sentiment data on potential product offerings. Analysis helps the retailer determine optimal entry price points, and better forecast average unit retail (AUR) prices before introducing products to the market.
“The tween segment is fast-moving, and historical data often does not provide an accurate view as to the products our customers will want, or the prices they will pay next season,” said Jason Judd, senior VP, finance and CFO of Justice. “By working with First Insight, we’re not only picking our products better, but we’re pricing them right from the outset, and we’re already seeing great benefits to our bottom line.”