Decoding Price Elasticity to Unlock Revenue and Minimize Risk

First Insight is a cloud-based technology company that provides predictive analytic data to retailers, brands and manufacturers on new products before they go to market across many categories globally. The company applies proprietary predictive models to real-time consumer data to determine which products, price points and attributes will resonate with consumers. First Insight examined pricing and elasticity trends on over 90,000 items processed through InsightSuite — the company’s predictive analytics platform which enables retailers and manufacturers to select, price, market and buy new products with no sales history — between September 2015 and August 2017, along with other proprietary data sources.

Using its proprietary data on the elasticity of demand, First Insight calculated average price elasticity and the change in elasticity by category and subcategory over the last two years. Categories included womenswear, menswear, children’s wear and home goods across North America and Europe. Relative change in elasticity was plotted on the vertical axis of a coordinate plane. First Insight also calculated average prices for each category and subcategory, based on aggregated data across 90,000 items for the same time period. Pricing changes were plotted on the horizontal axis of the coordinate plane.

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