NEW YORK--(BUSINESS WIRE)--KSS Retail, from dunnhumby, announced today two groundbreaking innovations designed to help merchandising and category management teams better leverage customer science and big data analytics in their pricing and promotions management operations. Developed by dunnhumby in partnership with some of the world’s largest retailers, these new interactive, web-based solutions bring an unprecedented level of insight to decision makers, so they can respond rapidly to changing business conditions and deliver more relevant prices and promotions to their shoppers – ultimately improving business performance and customer loyalty. The new products are being launched in conjunction with the National Retail Federation (NRF) Big Show here January 11-13.
Promotions Analytics: Moving from Hindsight to Foresight
Promotions represent big investments for retailers, but many organisations find it difficult to identify where their trade funds and offers are paying off – and where they aren’t. The new Promotions Analytics solution delivers a unique set of business intelligence insights via interactive web dashboards, helping merchants answer key business 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 personalised offers
Unlike standard reporting tools, Promotions Analytics also enables merchants to easily 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 minimise risk from underperforming promotions. Promotions Analytics further helps buyers collaborate with manufacturers, with rich, visual data that improves planning, performance and efficiencies, while generating higher return on investment (ROI).
PriceStrat® Rapid Reviewer: Enhancing Speed, Efficiency, and Collaboration
Today 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 organisational agility. PriceStrat Rapid Reviewer comprises a set of highly visual, interactive web-based dashboards designed to address these challenges, extending PriceStrat® price optimisation science to non-technical stakeholders across the retail organisation and improving team collaboration. Ultimately retailers are able to streamline and simplify the process of making everyday pricing decisions based on customer behaviour.
When combined with PriceStrat’s Automated Pricing capability, Rapid Reviewer becomes even more powerful. Retailers are able 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.
By taking advantage of automation coupled with the new web user interface, it’s easier than ever for retailers to make sure they remain competitive on everyday prices with an eye toward customer price perception, while achieving gross margin and other financial targets. Like Promotions Analytics, PriceStrat Rapid Reviewer also helps decision makers prioritise their pricing efforts, saving significant time and effort.
Helping Merchandising Teams Improve Customer Loyalty
“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.
“This announcement further demonstrates our commitment to delivering innovative software solutions across the merchandising organisation,” Cosset added. “By understanding and anticipating the impact of their decisions on their key customers, retailers will be able to improve gross margins while improving logic at the shelf, increasing relevance, and boosting customer loyalty.”
Meet KSS Retail at the NRF Big Show 2015 in Booth 3063
To learn more about Promotions Analytics or PriceStrat® Rapid Reviewer, and see a demonstration, visit the KSS Retail Booth #3063 at the NRF Big Show in New York at the Jacob Javits Convention Center, January 11-14, 2015.
About KSS Retail
KSS Retail, from dunnhumby, is the premier global provider of price optimisation 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 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 many others. For more information, visit www.KSSRetail.com.