|By Business Wire||
|February 3, 2014 06:00 AM EST||
KSS Retail, a dunnhumby company, today released a major update to its industry-leading PriceStrat® price and promotion optimization solution. With a strong focus on driving improved return on investment (ROI) and operational efficiencies, particularly through exponentially more efficient promotions-planning processes, PriceStrat Version 5.3 marks a significant upgrade to its solution for merchandising, marketing and category management teams at consumer goods retailers.
Much of the functionality in this new PriceStrat release came out of months of strategic development and rigorous testing in close partnership with clients including The Kroger Co., the largest grocery retailer in the U.S. PriceStrat enables Kroger buyers and category managers to conduct what-if scenario planning and make smart, shopper-centric decisions about pricing and promotions.
Key innovations in PriceStrat V5.3 include advanced capabilities to support promotions planning; operational enhancements to streamline workflow, including automation of temporary price reductions (TPRs) and other “pass-through” promotions; greater controls over price zones and cost configurations; and simplified rules-management capabilities that provide retailers with greater flexibility and precision when developing and executing their pricing strategy.
What’s Inside: PriceStrat V5.3 Highlights
Taking a closer look at PriceStrat V5.3, following are some of the key ways the tool empowers retailers:
- A new promotions optimization panel enables users to define promotions and interact with a product’s costs and price components more efficiently
- More simplified simulation capabilities enable retailers to quickly see the impact of potential promotions and avoid making choices that might negatively affect overall category performance
- Enhancements to product attributes and custom groups enable retailers to manage and optimize the pricing of important product sets with even greater precision
- Updated workflow capabilities enable retailers to prioritize pricing rules and manage rules violations so they can achieve the optimal lift
- New import and export capabilities enable pricing teams to reduce manual work processes and interact with external data sources more easily
- Science enhancements enable retailers to more accurately predict outcomes in situations where they have limited data
- Infrastructure improvements provide even greater reliability and performance for retailers with very large data sets
- Enhanced reporting capabilities provide even greater visibility into forecasts versus actual results—insights that retailers can turn into action.
“It’s important for Kroger to deliver the right prices and promotions for our shoppers, as part of our ‘customer 1st ’ strategy,” said Rich Stern, Vice President, Retail Insight and Strategy, The Kroger Co. “PriceStrat is just one of the tools Kroger is implementing to replace intuition with actual data, enabling better decisions about price and promotion across the organization. We look forward to continuing our partnership with the PriceStrat product development team.”
“The release of PriceStrat V5.3 demonstrates KSS Retail’s ongoing commitment to product innovation and to remaining an industry leader in science-driven price and promotion optimization solutions,” said Yael Cosset, CEO of KSS Retail. “We’re confident that this new release will drive even higher ROI for retailers, allowing them to execute at speed while maintaining highly precise optimization and flexibility in pricing that hasn’t previously been possible. Furthermore, V5.3 continues our focus on helping retailers ultimately do what’s right for their customers, so they can build loyalty over the long term,” Cosset added.
About KSS Retail
KSS Retail, a dunnhumby company, is the premier global provider of price optimization and shopper insight solutions for the grocery, convenience, chain drug, general and online retail industries. Retailers use KSS Retail software and professional services to better understand their shopper’s needs, and to deliver more effective pricing, promotions and merchandising decisions. KSS Retail clients consistently achieve improved market share, sales and profit growth, and enhanced competitive positioning. Current clients include 7-Eleven, Tesco, O’Reilly Auto Parts, BI-LO, Spartan Stores, Sonae, Raley’s, United Supermarkets, ABC Fine Wine and Spirits, and many others. For more information, visit www.KSSRetail.com.