Specialty
Let’s say yours is a hardware or housewares store, or a vitamin or fitness outlet, or an auto or pet supply—or maybe a gift or book shop. That means you retail thousands of fast-moving consumer goods. And that means you face time management and product-mix complexity problems that can complicate—and even prevent you from—making optimal pricing and promotion decisions. Moreover, you face increasingly tough competition.
Your stock may represent various private labels and national brands. And your pricing tactics may be affected by promotions and seasonality—which play into the product lifecycle. Your stock may contain many items available in various sizes for which you must ensure pricing parity across the range.
Like many retail managers of stores with fast-moving consumer goods, you probably manage pricing by a set of pricing rules that lean heavily toward average gross margins and rounding rules.
The KSS Retail price optimization solution offers you a faster, easier—and far more effective method—one you can use on a daily basis.
Our solution allows you to develop pricing that aligns with consumer demand—and accounts for the competition. By understanding how consumers react to pricing on each item, you can:
- Understand what items you need to price according to competitive items, and what price to set
- Learn what the optimum spread of private label to national brand is, by category
- Find the items that are under-priced, as well as the ones that are over-priced
- Determine which promotions are driving store traffic and increasing category purchases
- Better evaluate promotions that are increasing volume but diminishing category profits