IRVINE, Calif. -- KSS Retail has announced two new solutions--Promotions Analytics and PriceStrat Rapid Reviewer--designed to help merchandising and category management teams better leverage customer science and big data analytics in their pricing and promotions management operations.
These solutions help bring insights to decision-makers so they can respond rapidly to changing business conditions and deliver more relevant prices and promotions to their shoppers, improving business performance and customer loyalty.
Promotions Analytics delivers a set of business intelligence insights via interactive web dashboards, helping merchants answer key questions and make smart choices across the planning process. It harnesses data such as:
- Financial Impact: Examines the promotional impact on product or category metrics, such as volume, revenue and profit.
- Household Basket Impact: Reveals the effects of promotions on overall market basket purchasing patterns.
- Customer Impact: Shows merchants how to target promotions at a more granular level and create more personalized offers.
Promotions Analytics also enables merchants to view, based on their strategic objectives, the "sweet spots" for what offers and tactics will perform best at product, category and department levels. Using these predictive insights, retailers can then plan more successful promotions for those objectives, such as increasing foot traffic or unit sales and minimize risk from underperforming promotions.
Promotions Analytics further helps buyers collaborate with manufacturers, with rich, visual data that improves planning, performance and efficiencies.
Many retailers struggle with inefficiencies and barriers to collaboration among pricing analysts and decision-makers. Lack of information transparency slows down response times and impedes organizational agility. PriceStrat Rapid Reviewer comprises a set of highly visual, interactive web-based dashboards designed to address these challenges, extending PriceStrat price optimization science to non-technical stakeholders across the retail organization and improving team collaboration. Retailers can streamline and simplify the process of making everyday pricing decisions based on customer behavior.
When combined with PriceStrat's Automated Pricing capability, Rapid Reviewer enables retailers to respond in real time to changes in competitive or other market conditions to support dynamic pricing strategies, or, through exception rules, decision-makers can view proposed pricing scenarios in Rapid Reviewer at a high level, drill down into key metrics and then approve or decline price changes instantly using a built-in notes capability to facilitate communication.
Like Promotions Analytics, PriceStrat Rapid Reviewer also helps decision-makers prioritize their pricing efforts.
"It's clear from industry data that retailers have become more promotions driven, and need to have access to the relevant data and insight to make the right decisions," said Yael Cosset, CEO of KSS Retail. "Based on a deep understanding of our clients' pricing and promotion strategies, these new solutions bring to market customer insights not available today, enabling our clients to focus on delivering value for their customers.
KSS Retail is a leading 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. Clients include Tesco, Kroger, Sonae, AutoZone, 7-Eleven, O'Reilly Auto Parts, BI-LO/Winn-Dixie, SpartanNash, Raley's, United Supermarkets, ABC Fine Wine and Spirits and more. It is based in Irvine, Calif., in the United States and Manchester, England, globally.
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