How are Games Impacting the World of Retail?

I have been lucky enough to have firsthand experience with this topic.  For the past two summers I interned for a company called First Insight Inc.  I worked in their accounting department, but I received training on all aspects of the company.  This training gave me a deeper understanding of what the company does and why it is so revolutionary.

WATCH THIS VIDEO!

Retailers spend millions of dollars on releasing new products every year and every year millions of products fail.  A failed product is a huge waste of money for a company that put time and resources into creating it.  First Insight helps reduce the number of failed products by using games and predictive analytics to select winning products.  Many major retailers are recognizing the value of what First Insight is offering and become clients.  I have to be careful of what I say because their clients and other specifics are privileged information.  What I can tell you, is that First Insight was the only company offering this type of service until earlier this year.  First Insight now has their first competitor which proves that there is some value and a place in the market for their product.

I believe these types of games, mixed in with science and mathematical formulas have the potential to change the world of retail as we know it.  These games are just the beginning too.  Just image that in a few years from now a retailer could know how to optimize every product before it hits the market.  This includes knowing the optimal price to sell at, the best time of year, the best colors to offer, what demographics would buy the most, what deals and promotions to offer, and many more things I can’t even think of.  All of that is possible and right around the corner if this idea takes off.  I apologize for not being able to get too detailed because I am unsure of what I am allowed to share.  The video does a great job of explaining the concept.

Does anyone disagree with my prediction, that games and predictive analytics will change retail?

Does anyone have other ideas on ways technology is impacting retail?

 

 

http://www.firstinsight.com/