Shifting consumer behavior and the acceleration of e-commerce has made it more critical than ever for brands to connect directly with their customers. In FN’s latest virtual roundtable, executives from omnichannel retailer Kohl’s and predictive analytics solution First Insight will discuss how data can be leveraged for maximum retail benefit.
On Tuesday Nov. 17 at 11 a.m. ET, FN will host “Winning Product Experiences: How Kohl’s Creates Value with Predictive Analytics and Product Differentiation.” Moderator FN deputy editor Sheena Butler-Young will be joined by Dan Plas, SVP and general manager of accessories, jewelry, footwear & gifting at Kohl’s, and Jim Shea, chief commercial officer of First Insight.
The conversation, which is presented by First Insight, will look at how Kohl’s has built a comprehensive merchandising strategy using First Insight’s voice-of-the-customer data and predictive analytics capabilities.
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The three industry experts are expected to speak on the importance of SKU rationalization and assortment selection, which can be particularly challenging within the footwear category due to the large variety of styles available. The discussion will also include advice on optimizing inventory productivity; how data can be used to increase margins and avoid markdowns; and how to deliver a product catalog that responds to what consumers really want.
Kohl’s has been responding to pandemic-induced retail challenges with several strategies. Most notably, from an assortment perspective, the retailer recently launched an athleisure line and expanded its footwear offering. In October, Kohl’s announced it would be adding Cole Haan to its spring ’21 assortment. A few months earlier, the retailer made similar announcements regarding Toms Shoes and Lands’ End.
First Insight is known for its voice-of-the-customer approach, which uses direct feedback from consumers to inform its predictive analytics. In response to the pandemic’s impact on retail and on their lives, shoppers have changed their preferences and expectations in 2020 — making it challenging for retailers to succeed. But companies that tap into innovations that help them determine exactly what these consumers want — such as First Insight’s solution, which incorporates predictive data — can create an edge.
This FN webinar is the latest in a series, which most recently included a conversation on the running boom, with executives from Asics, Saucony, Brooks, Heartbreak Hill Running Co. and Afterpay. Previous installments have looked at diversity in footwear, authenticity in the sneaker market, and the new reality of trade shows.
Tune in on Nov. 17 at 11 a.m. for insights into using customer data for portfolio optimization, from Kohl’s and First Insight. To register, click here.
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