Retail technologies supplier First Insight has announced a partnership agreement with men’s accessories company Randa.
Using First Insight’s consumer-driven predictive analytics, Randa will be able to more quickly and accurately make design, buying and pricing decisions on the accessories it offers to retail partners and consumers.
With offices in 11 countries worldwide, Randa produces 75 lifestyle brands in men's belts, small leather goods, neckwear, luggage, casual bags, jewellery and seasonal accessories such as footwear, hats, gloves and gifts.
With this partnership, Randa intends to advance its observing and distilling trends, sourcing and designing the right products for its partners.
Randa EVP and chief marketing officer David J Katz said: “We are dedicated to making our partners successful. Offering the right assortment through the right channel at the right price is critical for growth, and that requires timely and accurate information.
“We are excited about our partnership with First Insight because their predictive analytic platform will enable us to elevate the discussion we have with our retail and brand partners, make more informed recommendations based on direct feedback from consumers and drive better business results and increased consumer satisfaction.”
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As part of this agreement, First Insight will use online social engagement tools to gather real-time preference, pricing and sentiment data on potential product offerings.
The information is then filtered through First Insight’s predictive analytic models to determine which products present the greatest opportunity.
This solution will allow Randa to evaluate a significant number of designs and products quickly, calibrate production and pricing to reflect direct consumer input, and maximise return-on-investment.