First Insight Announces Next-Gen XM Platform Applications Supporting ESG and Sustainability Initiatives
Retail chain catches offensive design before buying, keeping stock out of landfill and avoiding damage to brand
First Insight, Inc., world leader in Next-Gen Experience Management (XM) technology that is transforming how companies make better decisions leading to a sustainable future, announced significant benefits realized by customers in achieving their environmental, social and governance (ESG) goals. As reports show sustainability (a core ESG component) becoming increasingly important in consumers’ purchase decisions, companies are leveraging the First Insight platform to meet consumer expectations and strengthen their positioning as sustainable brands. By powering sustainable processes and better business decisions, First Insight enables efficient operations that enhance profitability while reducing environmental impact.
First Insight customers have recently reported significant business impact through leveraging the platform for sustainable, effective operations. A leading retail chain using First Insight to test their products before launch discovered that their customers found a particular design to be offensive. They were able to stop development before orders were placed, avoiding the substantial environmental impact and cost of reverse logistics and product disposal, in addition to the damage that would have resulted to their brand image and loyalty.
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“With the First Insight platform, companies gain the double benefit of delighting their customers and operating much more efficiently, increasing profits while reducing their environmental impact.”
“Today’s consumers expect – and even demand – that the brands they invest in will act with the health of our planet in mind,” said Greg Petro, CEO of First Insight. “With the First Insight platform, companies gain the double benefit of delighting their customers and operating much more efficiently, increasing profits while reducing their environmental impact.”
First Insight customers testing early in the development process, particularly with 3D images, are reducing sample production costs by up to 70 percent and cutting time to market by 40 percent or more. A major brand used the First Insight platform to reduce the number styles produced by 61 percent while increasing adoption rate by 88 percent and units ordered by 39 percent. In addition, understanding whether customers are willing to pay more, and how much, for sustainable products is an ongoing challenge that the First Insight platform helps companies to address. A leading department store was able to capture a 10 percent price uplift for eco-friendly offerings based on First Insight test results.
“Across sectors and geographies, our customers use our platform to do more with less. They eliminate the lowest-performing products from their portfolio before launch, making their development process and their inventory investment substantially more efficient. One footwear brand reported growing revenues by six percent while reducing inventories by 40 percent using First Insight. That is truly doing more with less.”
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