ProCast. Predictive Analytics – Acceptance and Pricing of New Products

ProCast, predictive analytics tool, considerably reduces the uncertainty that arises when launching new products to the market, or existing products in new markets. It allows to identify trends, relevant price points to customers and design attributes with a higher level of acceptance

Description

ProCast (“Product foreCast”) is a predictive analytics tool that allows us to incorporate, in advance, consumer feedback on new individual items under development, within the purchase process 

  • It is integrated into the assortment planning processProcast-Moda-Mujer
  • In a short period of time(5-7 days), ProCast allows you to obtain results that will influence in the final merchandise purchase decision or final production process
  • ProCast inputs: level of acceptance and estimated price of new items, and qualitative comments on design, material, colors, etc.
  • It helps in assortment planning process for the coming seasons

 

Impact

Incorporating the feedback of the final customer provides a greater adaptation of the products to the market and a reduction in the failure rate of the same ones

Procast-Acceptance-vs-%-Difference-Between-Model-Price-and-Retail

High return:

  • Increase in Sales, Sell-through and Margin 
  • Markdowns reduction 
  • Samples manufacturing costs reduction
  • Discard options with lower acceptance level
  • Stock level decrease 

 

 

 

Efficiency improvement:Mhe 2018-Procast-Analitica-Predictiva-Ficha-Individual

  • Reduction of testing periods for new products
  • Reduction of purchase periods
  • Changes in design / product materials
  • Increased Customer Satisfaction
  • Better Marketing and Communication tools

Sectors

  • Personal equipmentMhe-Anaitica-predictiva-joyeria
    • Clothing
    • Sports clothing and footwear
    • Footwear
    • Accessories 
    • Underwear and lingerie
  • Home equipment 
    • Home textile
    • Furniture

Segments

  • Value / Mass market
  • Middle
  • Upper
  • Luxury

Player

  • Chain
  • Brand / Manufacturer

 

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