Li & Fung Limited and First Insight, Inc. have joined forces to upgrade the former’s digital product development solution. The alliance is part of Li & Fung’s strategy to create what it calls the “Supply Chain of the Future,” which the company – which operates a global network covering more than 50 production countries – described as a fully integrated digital supply chain platform designed to connect brands and retailers with suppliers and other partners via end-to-end data capture and visibility, ultimately “replacing physical with digital.”
First Insight created its digital product testing solution in 2007 to enable brands and retailers to combine the voice of their customers with advanced Artificial Intelligence and predictive analytics to improve the performance of – and reduce the risk associated with – new products. Predictive feedback from customers can be delivered in 24 to 48 hours, ensuring brands and retailers “bring the right products to market, at the right price and in the right quantities,” the company said.
Working with First Insight’s digital consumer testing, Li & Fung said it is now able to review consumer insights and make informed changes early in the product development phase. “At Li & Fung we help brands and retailers digitize design and bring the right products to market quickly and efficiently,” said Spencer Fung, Group CEO of Li & Fung. “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.’ 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.
