Retail Express's rules engine will allow the retailer to efficiently organise and manage retail prices which support the Category and Merchandizing strategy. Once adopted, the rules engine will monitor and maintain the pricing strategy at all levels of the format/banner automatically taking care of cost and competitor price changes, with or without supervisor review, supplying revised prices to the POS infrastructure, within the rules and constraints defined.
The control of prices can be at store level by time by day but normally by store or store group by day or week. Despite the very granular level of price execution most pricing rules will be defined either at format/banner or store group level with small numbers of overriding rules per category at store level. Whilst the tool provides total pricing flexibility the tool set makes it easy to set up and manage the rules and prices with less manpower than conventional methods allowing Pricers and Category Managers to focus on strategy and tactics rather than creating individual prices.
Within the rules it is appropriate to set constraints against the strategies in order to maintain the differentials with competitors, margins, etc. In the price optimization module constraints are automatically resolved, but within auto pricing these are alerted through a notification process to the user. The user will have full control of any and all pricing and the ability through the "Pricing Workbench" to make individual price changes and to examine these in the context of cost, competitor prices and performance data, across all areas available under the user's security clearance.
RE 2.0 modules are designed to use the customer's own item and location hierarchy thus allowing prices to be set at a very granular level with very little effort. The solution provides the means for pre-defined pricing rules to be automatically applied and the option to use more scientific methods based on price elasticity and demand models, to forecast demand and provide simulation of the future performance of each category providing full category P&L's with line item sales, units, profits, margins and variances from the predicted performance of the current prices pre-change.