Li & Fung uses digital consumer testing for better decisions
Sourcing giant Li & Fung is using digital consumer testing early in the product development phase so that brands can select, price and buy designs with greater confidence.
The integration of First Insight's Voice of the Customer analytics into Li & Fung's Digital Product Development solution will not only help brands make decisions smarter and faster, but should also increase sell-through and reduce markdowns.
Li & Fung is developing a fully-integrated digital supply chain platform that connects brands and retailers with suppliers and other partners seamlessly with end-to-end data capture and visibility. From 3D virtual design, blocks and patterns, product development and fitting, to digital catalogues, and 3D retail and visual merchandising, the company is replacing physical with digital.
"We have been investing in our Digital Product Development services for the past three years, bringing together technologies that support our goal of creating the Supply Chain of the Future," explains Spencer Fung, group CEO of Li & Fung. He adds the company is using the First Insight digital consumer product testing solution "to complement our digital services and help our customers improve sales and margins."
The tool uses a combination of advanced AI and predictive analytics provides predictive feedback from customers to improve the performance of, and reduce the risk associated with, new products.
Benefits to Li & Fung customer brands and retailers will include higher confidence in selecting designs that consumers want, at the prices they will pay; a more responsive value chain that is demand driven, rather than supply driven; specific design feedback by region, retailer and customer demographic; and reduced cost in physical samples.