Technology company First Insight has released its new ElastiCast retail software solution in the US market.
The company claims that ElastiCast allows retailers to forecast price elasticity of new products to determine optimal prices and increase margins.
First Insight CEO Greg Petro said: “ElastiCast takes the guesswork out of pricing decisions with a real-time solution that can predict outcomes based on any price or point in time within a product’s lifecycle.
“Through this new solution, we are empowering retailers and brands with the knowledge they need to feel confident that the price of an item will deliver the sales and margins they expect. We’re thrilled to be the first to market with this solution.”
First Insight explained that its ElastiCast has been designed to help merchants, planners and marketers to analyse various pricing scenarios and predict how consumers would react to different price points.
The company further added that the results generated by its software application will enable retailers to identify the distribution of demand, even before entering the market, and set prices of their commodities according to demand.
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The technology firm said that it has included ElastiCast as a new capability within its predictive analytics platform called InsightSuite.
First Insight products are currently used by sporting goods companies, department stores, mass merchant retailers and wholesalers.