Family Dollar Taps First Insight to Strengthen Merchandise Strategy

Business Wire 1-Aug-2024 9:00 AM

Collaboration Will Optimize Customer-Centric Assortment Strategy, Elevate Product Offerings, and Enhance Customer Experience Through Predictive Insights

First Insight, Inc., a global leader in Voice of the Customer (VoC) retail solutions is pleased to announce their strategic partnership with Family Dollar ((Dollar Tree, Inc., NASDAQ:DLTR), a leading national discount retailer. The initiative is set to refine Family Dollar's merchandise assortment strategy by leveraging First Insight's predictive analytics and actionable data, ensuring that Family Dollar's products meet evolving consumer expectations and market shifts.

This partnership empowers Family Dollar to confidently bring groundbreaking concepts to the market, ensuring these 'big ideas' flourish into substantial wins. It strategically reduces the risks of markdowns and stock shortages while also curbing the influx of underperforming products. This supports Family Dollar's goal to attract customers by providing exceptional value in every aisle while driving sales across all product categories.

Greg Petro, CEO of First Insight, remarked, "Our partnership with Family Dollar is a prime example of how AI and customer insights can transform retail decision-making. By integrating our cutting-edge predictive analytics, products on Family Dollar's shelves are not just in demand but customer-approved. Our analytics enable Family Dollar to anticipate demand more accurately, make smarter product choices, and ultimately, heighten customer satisfaction while driving sales."

"Listening to our customer and inspiring her with everyday essentials and must-have items of the season is at the core of everything we do," said Bonita Price, Senior Vice President of Merchandising at Family Dollar. "First Insight's platform gives us fast, actionable insights into our customers' preferences, which has already provided significant value. We are excited to see this partnership grow."

Family Dollar's strategy of offering competitively priced national brands alongside a value-driven private label assortment will be significantly enhanced through the insights garnered from First Insight's predictive analytics. This strategic alliance is expected to further Family Dollar's commitment to value while advancing its position as a one-stop shop for family essentials and serving its customers with the right products at the right time.

About First Insight First Insight is the global leader in Voice of the Customer retail solutions, transforming business decision-making through actionable consumer insights and AI. First Insight's platform enables retailers and brands worldwide to increase their revenues and profitability by informing strategic decisions with consumer data and removing guesses and personal opinions. Trusted by the world's leading retailers, vertically integrated brands, mass merchant retailers and wholesalers, First Insight leads in optimizing strategy, product, pricing, planning and marketing decisions. For further information, visit www.firstinsight.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801845600/en/