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LiveWorx 2017

Say ‘Yes’ to the Dress: How David’s Bridal Develops the Right Product, at the Right Price, Faster with Consumer-Driven Predictive Analytics

Session Description

It’s tough to develop and pick successful new products. With new product failure rates well over 50%, even experienced designers and merchants struggle to launch products that will win in the market. Leveraging the power of predictive analytics, retailers and brands can identify which products will resonate best with customers and make better decisions armed with both history-based planning tools and the voice of the customer. Join us to learn how incorporating the voice of the customer into assortment and planning decisions can significantly reduce markdowns and increase margins. Discussion points include how to: - Reduce markdowns by more accurately forecasting demand, AUR price, and margin for each item - Shorten time to market, cut product testing costs, and increase new product success rates using customer-powered predictive analytics. - Leverage your PLM investment by integrating with ThingWorx Advanced Analytics and real-time consumer input for optimized line planning.


Session Presenter
Additional Information
Analytics & Big Data
Retail
How to increase new product success rates and forecast accuracy through predictive analytics and the voice of the customer.
How to reduce time to market and in-store testing costs through online consumer testing.
How to optimize line planning with PLM, machine learning, and consumer-driven predictive analytics.
Case Study
45 minutes
Session Schedule