Chico’s FAS, a specialty retailer, said pre-market Thursday it has established a partnership with First Insight, a technology company. Using First Insight’s consumer-driven predictive analytics, Chico’s FAS will be able to more quickly and accurately make design, buying and pricing decisions on the apparel, shoes, accessories, and jewelry it offers to its consumers both in stores and online. Through the partnership, First Insight will use its online social engagement tools to gather direct consumer input on new products from Chico’s base of customers, the companies said in a statement.
The data will then be analyzed using First Insight’s predictive models, enabling Chico’s FAS to better understand its customer base and calibrate inventory buys, optimize allocation strategies and offer products that align with their needs. “We expect this partnership will enhance our ability to consistently deliver the beautiful merchandise our customers want, resulting in stronger sales for our company,” Chico’s FAS CEO Shelley Broader said in the statement.