Something interesting for brands and retailers who are looking for reduced mark downs and better speed to market!
Li & Fung, a supply chain management company, and First Insight, a company providing solution to optimise new product creation process, have entered into a strategic alliance to make this happen.
Li & Fung will be implementing First Insight’s voice of the customer analytic into its digital product development solution to offer brands and retailers an end-to-end digital product development solution.
The solution will help the retailers and brands with their selection, pricing and buying decisions, thus resulting in an increased sell through and reduced mark downs.
And that’s not all! Li & Fung will now be able to have customer insights to encapsulate their views and changes in the product development phase helping brands with better outputs.
The partnership is a part of Li & Fung’s vision of establishing a supply chain of the future.
The company is creating a fully integrated digital supply chain platform that acts as a collaborative platform where the brands and retailers could easily connect with the suppliers and other partners – thus increasing the end-to-end data capturing with enhanced transparency.
Spencer Fung, Group CEO, Li & Fung, said “At Li & Fung, we help brands and retailers digitise design and bring the right products to market quickly and efficiently. We have been investing in our digital product development services for the past 3 years, bringing together technologies that support our goal of creating the supply chain of the future.”
The CEO further added “First Insight brings the leading digital consumer product testing solution and we are using it to complement our digital services and help our customers improve sales and margins.”
Furthermore, this collaboration will benefit the brands with much accurate decisions in design selection that encapsulate the market demand of trend, price and higher responsiveness in their value chain.
Other benefits include increased speed to market, specific design feedback by region, retailer and customer demographic, reduced fabric wastage and airfreight and improved sustainability for the business and environmental footprint.
“For the last 12 years, First Insight has been helping hundreds of retailers and brands use voice-of-the-customer data and predictive analytics to improve their operations – from product design to buying to pricing. Li & Fung is the unquestioned global leader in sourcing and delivering innovative digital supply chain solutions to the retail industry. The combination of our solutions creates a global supply chain that is fast, accurate and efficient. We are excited to be partnering with Li & Fung for the benefit of retailers and brands throughout the world,” said Greg Petro, CEO, First Insight.