CEO SUMMIT Recap
Picking the Winners and Avoiding the Losers Using Predictive Analytics and the Voice of the Customer
|Source: Footwear News: FN CEO Summit 2017|
Watch Leah Robert, Chief Communications & Strategic Development Officer for Camuto Group and Greg Petro, CEO of First Insight, as they discuss the challenging nature of the digital consumer and how the First Insight solution helps Camuto Group identify winning products in a highly competitive industry.
Highlights from the Presentation
Including the Customer Early In the Development Cycle to Identify TrendsLeah Robert discusses how Camuto Group leverages input from their core customers by engaging them early in the product development process. By listening to 'The Voice of the Customer,' Camuto Group identifies winning trends through the First Insight solution.
"We involve and engage [our dot-com customers] by inviting them to the conversation as we are developing product. The proprietary technology of First Insight allows us to test the product before they hit retail to get a sense of what is going to work and what isn't."
Leveraging Customer Feedback to See the Future
The digital consumer is more informed than ever, and with access to more product personalization and customization, consumer preferences are a moving target. Leah Robert highlights the importance of looking to the future through predictive analytics in such a rapidly changing market.
“There was a very large increase [in average sales] on the tested items. With a program like [First Insight], you want to see results. We’re seeing results from this.”
Analyzing the Data To Minimize Risk In the Product Assortment
Leah Robert discusses how Camuto Group utilizes First Insight to engage and listen to the customer to help Camuto Group make better assortment choices.
"This data has enabled us to have better analytics around what will perform. In doing so, we are able to influence our decision making, make better assortment plan choices and innovate around the customer sentiment that we see in the comments."
IDENTIFYING WINNERS AND DRIVING INVENTORY DECISIONS TO MAXIMIZE REVENUE
Leah Robert discusses the value that the First Insight solution provides for inventory planning. She showcases a tested item with very positive results then delves deeper into how those results helped inform data-driven decisions for pricing and buy depth.
"This is tremendously helpful for us as we look to set initial prices as well as partner with our retailers for a markdown cadence...This is important as we look to avoid stock-outs, avoid markdowns and to provide [data] to our partners when we go into market."
AVOIDING POOR PERFORMERS BY LISTENING THE VOICE OF THE CUSTOMER
Leah Robert discusses the importance of making the right assortment decisions. She shows an example of a style that Camuto Group tested through First Insight. Based on the poor AUR projections, the style was dropped from the assortment -- ultimately avoiding poor margins.
Moving the Needle: Measuring Success In Tested Items
Camuto Group has seen measurable success with First Insight tested items. Leah Robert highlights the increase is sales revenue for tested items vs. those not tested with First Insight. As a result, Camuto Group plans to integrate First Insight across all product lines.
"As a result of the tested items of Fall '16, we saw a 38% increase [in sales] in the tested items vs. the non-tested items."