Welcome!

News Feed Item

KSS Retail Introduces New Automation Solution to Enable Real-Time Price Optimization

KSS Retail, from dunnhumby, today unveiled a major update to its industry-leading PriceStrat® price and promotion optimization solution for merchandising and category management teams. PriceStrat version 5.4 boasts new automation capabilities and advancements in efficiency and flexibility, enabling omnichannel retailers to conduct faster “what-if” planning, and more effectively use pricing and promotions as a competitive advantage in the race to win shopper loyalty.

Retailers of fast-moving consumer goods face challenges setting the right prices in a market where key variables are constantly changing. They need to stay price-competitive, particularly in the product categories where shoppers are most price-sensitive, or risk losing customers, according to industry analysts. Inaccurate or outdated data on supplier costs or competitor prices can have a major business impact, so responding quickly to market fluctuations is a strategic imperative.

With the new Automated Pricing module available now in PriceStrat 5.4, merchants can seamlessly bring in updated costs or competitive data from third-party sources, and then according to predefined pricing policies, execute price changes dynamically. Retailers can also set up rules and alerts that identify when price changes require management review and consideration. This straight-through processing capability eliminates much of the manual work that slows down organizational responsiveness. Automated Pricing also signals managers when prices fall out of compliance with predefined targets. This enables organizations to move away from the traditional practice of re-optimizing categories based on a calendar system, and instead rely on their own data on shopper behavior to reveal when adjustments should be made to unlock market potential.

In addition, PriceStrat 5.4 continues to deliver on KSS Retail’s emphasis on productivity and ease of use for pricing teams, with enhancements that make day-to-day pricing and promotion optimization activities faster and more intuitive. By streamlining tasks and improving efficiency, merchants can focus on making strategic decisions based on data insights. With PriceStrat 5.4, retailers can now:

  • Simulate the impact of baseline cost and retail changes more easily during “what-if” planning, and better incorporate actual customer expectations
  • Gain clearer visibility into the decisions required to maintain profit and gross margin targets while delivering greater shopper value
  • Improve Competitive Price Index scores by replacing legacy “one-size-fits-all” rules with precise, dynamic data sets and rules customized to each price zone or sales channel
  • Increase sales of slow-moving items through more accurate forecasting capabilities
  • Support a broader range of currency denominations to help global businesses extend into new markets

“As we face tough competition, we are looking forward to taking advantage of the new Automated Pricing functionality in PriceStrat 5.4 to help us respond quickly and deliver competitive pricing to our shoppers,” said Kent Butterfield, Director of Pricing with Associated Food Stores, a regional grocery retail and wholesale chain based in Salt Lake City. “PriceStrat 5.4 will help us not only make faster, more informed decisions about price and promotion across the organization, but will also help streamline the way we work, ultimately saving us significant time and effort,” Butterfield continued.

“In an increasingly transparent consumer marketplace, shoppers have more access to price information than ever. That’s why the new features in PriceStrat 5.4 are focused on helping retailers accelerate the pace at which they are able to adapt their pricing strategy in response to customer and competitor activity,” said Yael Cosset, CEO of KSS Retail. “With industry-leading science that’s already been proven and tested in some of the world’s top retail organizations, PriceStrat 5.4 takes predictive mining of shopper data to the next level – ultimately enabling organizations to quickly roll out prices and promotions that are highly relevant and tailored to each of their markets, whether online or offline, in any part of the world.”

About KSS Retail

KSS Retail, from dunnhumby, 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 Kroger, Tesco, 7-Eleven, 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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER gives detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPOalso offers sp...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
They say multi-cloud is coming, but organizations are leveraging multiple clouds already. According to a study by 451 Research, only 21% of organizations were using a single cloud. If you've found yourself unprepared for the barrage of cloud services introduced in your organization, you will need to change your approach to engaging with the business and engaging with vendors. Look at technologies that are on the way and work with the internal players involved to have a plan in place when the ine...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.