KSS Retail Debuts 'Advanced' Price Optimization
Cincinnati-based KSS Retail, a Dunnhumby company, has launched PriceStrat Analyzer, an advanced business intelligence solution designed to help the retail industry identify trends and exceptions so they can make faster, more accurate decisions about pricing and promotions.
PriceStrat Analyzer helps retailers better harness their data for more accurate forecasting, while extending analytics throughout the organization for improved transparency and team collaboration, according to KSS Retail.
PriceStrat Analyzer was developed so that retailers can create and share dynamic, highly visual web-based dashboards and other reports across merchandising, category management, marketing and finance teams, as well as with trade partners and other key stakeholders. Users can simply sort, pivot and filter data to monitor business performance across a spectrum of factors.
Examples of the pre-built dashboards available in PriceStrat Analyzer include:
- Optimization Tracker Dashboard: Enables retailers to measure against forecast baselines to gauge the effectiveness of pricing decisions and identify key trends in various financial metrics – such as sales, units and margin – in an easy-to-use graphical format.
- Promotions Summary Dashboard: Illustrates the effectiveness of advertising and promotional scenarios and their potential cannibalization effects so retailers can make adjustments to optimize performance. Retailers can visually compare forecasts to actual performance of marketing programs.
- Competitive Analysis Dashboard: Presents competitive data at multiple levels – including category, department, zone and store – so key decision makers can monitor competitive positioning in the market and quickly make appropriate changes to improve their edge.
“It’s vitally important that retailers have visibility into the impact of their pricing strategy so they can take active steps to maximize both financial outcomes and customer brand perception,” said Yael Cosset, CEO of KSS Retail and global CIO of parent company Dunnhumby Ltd.