ANDERSON, Ind. -- Ricker’s Convenience Stores has selected Clear Demand, a pricing and promotion solutions provider, to implement a pricing initiative for the retailer.
With a strategic objective to increase gross profits at targeted revenue objectives in its 56 convenience retail locations, Ricker's tapped Clear Demand's Merchandise Pricing and Promotion solution to identify opportunities for increased profitability.
Over the course of the implementation, Clear Demand used Ricker's own data to build historical consumer demand models for its stores. Clear Demand then developed an opportunity assessment for each merchandise category, zeroing in on individual products and subcategories where price adjustments could drive gross profits by either increasing gross margins or sales. “Clear Demand has helped us transform our mountain of merchandise and promotional big data into retail price changes that have yielded measurable gross profit increases,” said Quinn Ricker, CEO of Ricker's, No. 106 on CSP's 2017 Top 202 list of the largest c-store chains in the United States.
“This has been a rewarding collaboration in which Ricker's has achieved increased profits, and Clear Demand has defined the solution to meet the specific needs of convenience-store operators,” said Jim Sills, CEO of Clear Demand. "We are now ready to roll out the new Merchandise Pricing and Promotion solution to our global client base and the convenience-store industry at large. The addition of this new solution to our product portfolio allows convenience-store retailers to manage and optimize revenue and gross profit for the total site, fuel and convenience store.”
Based in Anderson, Ind., Ricker's was founded in 1970. Its mission is to be the upscale convenience store of choice in Indiana.
Scottsdale, Ariz.-based Clear Demand delivers an omnichannel lifecycle pricing solution for retailers that synchronizes prices, promotions and markdowns online and in-store to produce a consistent brand and shopping experience.