CINCINNATI, Ohio — KSS Retail, a global provider of price optimization and shopper insight solutions for the grocery, convenience, chain drug, general and online retail industries, has launched a new product that will enable businesses to efficiently harness data for more accurate forcasting.
Called PriceStrat Analyzer, the advanced business intelligence solution is designed to help the retail industry identify trends and exceptions so they can make faster, more accurate decisions about pricing and promotions.
PriceStrat Analyzer also enables pricing teams to create and share dynamic, highly visual Web-based dashboards and other reports across merchandising, category management, marketing and finance teams, as well as trade partners and other key stakeholders. Users can sort, pivot and filter data to monitor business performance across a spectrum of factors.
Some pre-built dashboards available in PriceStrat Analyzer include the following:
• 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 a user-friendly 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. “This new analytics solution reinforces KSS Retail’s commitment to ongoing innovation and to making sure our clients get the most value from our technology solutions. We will continue to focus on combining superior science and data to help retailers transform how they optimize their decision-making process, so they can ultimately deliver what their customers want and need.”
KSS Retail’s current clients include 7 Eleven, Tesco, O’Reilly Auto Parts, BI-LO, Sonae, Raley’s, United Supermarkets and ABC Fine Wine and Spirits.