In the Bag: Vera Bradley sets new products and price points with predictive analytics
公司规模
1,000+
地区
- America
国家
- United States
产品
- InsightSelection
- InsightPricing
- InsightMarketing
技术栈
- Predictive Analytics
- Cloud-based Tool
实施规模
- Enterprise-wide Deployment
影响指标
- Customer Satisfaction
- Productivity Improvements
- Revenue Growth
技术
- 分析与建模 - 预测分析
- 平台即服务 (PaaS) - 数据管理平台
适用行业
- 消费品
- 零售
适用功能
- 产品研发
- 销售与市场营销
用例
- 需求计划与预测
- 补货预测
服务
- 云规划/设计/实施服务
- 数据科学服务
关于客户
Vera Bradley is a well-known fashion accessory and handbag retailer with a loyal consumer following for over 30 years. The company offers a wide range of products in various sizes, styles, patterns, and colors. Vera Bradley's products are available at more than 3,000 specialty retailers and over 75 company stores across the United States. The brand is recognized for its unique and vibrant designs, attracting a dedicated customer base. The company continuously brings new products to market, aiming to meet consumer demands and preferences while maintaining its brand identity and market presence.
挑战
Vera Bradley, a fashion accessory and handbag retailer, faces the challenge of accurately predicting consumer interest and optimal pricing for new products. The company constantly introduces new products, making educated guesses on customer interest and pricing. Pricing too low risks losing margin, while pricing too high may result in unsold items. The uncertainty in consumer preferences, especially in the fashion industry, adds to the complexity. The goal is to offer the right product assortment at the right time, price, and place to optimize sales and product performance.
解决方案
Vera Bradley partnered with First Insight to leverage its predictive analytics solutions, including InsightSelection, InsightPricing, and InsightMarketing. These tools help the company identify optimal customer profiles, determine entry price points, and forecast average unit retail prices before products hit the market. The solutions use analytic models to generate market response curves, showing price elasticity of demand and helping retailers find the perfect entry price point. The system engages consumers through gamification, using surveys to gauge customer interest in products, price points, and other factors. This data-driven approach allows Vera Bradley to optimize its product assortment and pricing strategy, reducing uncertainty and improving new product performance.
运营影响
数量效益
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