PITTSBURGH--(BUSINESS WIRE)--First Insight, the world’s leading solution provider empowering retailers and manufacturers to introduce the right new products at the right price, today announced its Big Ideas Session at National Retail Federation's (NRF's) 102nd Annual Convention and EXPO. The panel will bring together four of the industry’s leaders to discuss how today’s retailers can navigate the challenges of everyday pricing strategies. First Insight’s Big Ideas Session will take place Monday, January 14, 11:00-11:45am in Room 3D08, Expo Hall Level 3 of the Javits Center in New York City. Retailers and manufacturers registering on First Insight’s website by January 5 will receive a free EXPO Hall pass and a free gift upon arrival at the session.
“This means there is a lot more importance on the initial price, because any retailer making a value argument about its prices is going to lose credibility with consumers if it then has to run promotions or markdown items because it didn't hit consumers' initial expectations.”
The panel, entitled “Everyday Low Prices? Promotions? Markdowns? How to Get Entry Pricing Right,” will be moderated by Greg Petro, CEO of First Insight, and will include four of the retail industry’s most influential leaders:
- Matthew E. Rubel - Senior Advisor of TPG Capital and former CEO of Collective Brands and Cole Haan
- Mindy Meads - Wet Seal board director, former co-CEO of Aeropostale, former CEO of Lands’ End, and previous Federal Reserve Bank board member
- Mark Cohen - Columbia GSB Professor and former CEO of Sears Canada, Lazarus and Bradlees
- Nikki Baird - Managing Director of RSR Research and author of “Pricing in a Post-Channel World”
Each of the panelists will offer their perspectives and lessons learned on this important topic. According to Mindy Meads, “In a highly promotional environment, the key to the value equation is having the right combination of all three factors – fashion, quality and price.”
"Retailers must return to a value-based proposition to consumers,” added Nikki Baird. “This means there is a lot more importance on the initial price, because any retailer making a value argument about its prices is going to lose credibility with consumers if it then has to run promotions or markdown items because it didn't hit consumers' initial expectations."
First Insight is a Silver Sponsor of the NRF Conference, and is also sponsoring the Virtual Golf Challenge, adjacent to First Insight’s booth #262. Top prize is $40,000.
First Insight invites retailers, manufacturers, media, analysts, and other attendees to visit them at the EXPO and pre-schedule a meeting in the company’s conference room at booth #262. Please contact Brady Dolan at Brady.Dolan@firstinsight.com or 724-759-7141.
About First Insight, Inc.
First Insight empowers retailers and manufacturers to drive new product success by introducing the right products at the right price. Through the use of online consumer engagements, the First Insight cloud-based solution gathers real-time consumer preference and pricing data and applies a predictive model to create actionable insights, which inform new product decisions. Companies use the First Insight solution to select the most profitable new products for improved sales, margins and inventory turnover. Implementing First Insight’s predictive analytic solution gives retailers guidance for product design, buying, assortment planning, pricing and marketing decisions. Customers include leading department stores, specialty retailers and manufacturers. For further information, please visit www.firstinsight.com.