Retail Chain to Make Smart Promotions with PriceStrat
CINCINNATI, OH: Retail industry has set its goal on making use of technology to get maximum benefit from it. PriceStrat software by KSS Retail (science-based pricing intelligence, optimization, and modeling solutions) has been implemented across the retail outlets of Telecos organization in UK.
Buyers and category managers at Telecos are now using this price and promotion optimization solution to plan and understand the impact of potential offers in order to make smart decisions and strengthen brand value and service.
PriceStrat software assists in making consumer offers and assesses their likely impact on businesses. It provides retailers with forecasts and real-time insights on shoppers’ responses to different promotional offers. It employs the “what-if” scenario planning, where managers can put to test different offer mechanics and variables, display and space option experiments prior to the execution of the offer. Promotion strategies can be customized to maximize relevance according to the store type and geography.
“With the forecasting and analytics capabilities available in PriceStrat, we can understand– based on what our customers tell us–where it’s most important to offer promotions or reduce prices,” says John Scouler, Commercial Director at Tesco.
KSS Retail recently updated this solution and the enhancements includes new promotion optimization panel that enables users to define promotions and interact with a product’s costs and price components efficiently and simplified simulation capabilities that allows retailers to quickly see the impact of potential promotions and avoid making wrong choices.
Retailers can also manage and optimize the pricing of important product sets with precision and by way of these added capabilities prioritize pricing rules and manage rules violations too.
The new import and export capabilities of PriceStrat facilitate the pricing teams to reduce manual work processes and interact with external data sources easily. Moreover it brings visibility into forecasts versus actual results–insights that retailers can transform into action.