Optimise Promotion Selection
4th September 2014 | 3 min read
Press Release: RE201419
OPTIMIZE PROMOTION SELECTION
Retail Express the ‘Intelligent Merchandising’ software provider has today announced the availability of its RE 2.0 ‘ PROMOTION SELECTION/PRICING OPTIMISATION’ module which provides process, functionality and analytics to OPTIMISE the SELECTION and PRICING of Promotional Items within the context of the overall Promotion and Category for a time period, taking account of cannibalisation and cross effects and Vendor Funding/Deals etc., this process ‘radically’ improves the productivity of the Category Manager/Analyst and ensures that promotional performance is optimised removing that significant ‘tail’ or poor performing promotions that dogs every retailer!
The Promotion Optimiser takes the Category / Departmental briefing for the Promotional Period and qualifies each item then examines each promotional candidate and ranks them sequentially against the Promotional Periods criteria, showing Uplift and Impact on the Item and Category, then combines the higher ranked items together in sets to show the best combination of Individual Promotional Item offers to meet the Category/Department criteria showing the combined effects and impact on the overall category/department taking account of cannibalisation and cross effects from each set of Promotional Offers.
The User Interface provides interactive screens to control and manage this process and graphs and visualisation tools to show a deep dive into each item and the output from the analytics engine. RE 2.0 can examine all vendor deals through this process and determine if the deal should be used or declined without Category or Analyst involvement!
This tool is in addition to the extensive Promotion Planning, Analysis, Execution and Evaluation already part of the RE 2.0 Merchandising solution; this functions provides huge productivity benefits to Category Manager’s and provides a unique way of pre processing deals and promotion candidates to put the smart analytics and optimisation where it belongs at the beginning of the process to best guide the promotion selection and pricing process with full visibility to the ‘impact’ of each individual promotion item/family as well as in combination with other ‘ranked’ items? Re 2.0 also provides Regular Price Optimisation with Promotions as a standard RE 2.0 capability, this new announcements allows Users to impact that functionality by automating the promotion selection and pricing process many weeks/months prior to hitting the shelf.
If you would like further details or demonstration of this important RE 2.0 capability please contact us at one of the options below:
For more information about Retail Express visit: www.retailexpress.com or call: 0113 2051930 or email pgrange@retailexpress.com
Editor’s Note
Retail Express was founded by Barry Grange and Miguel Ganose to give form to their vision of a niche merchandising application to address the complex problems of advertising, marketing, promotions and pricing.
RE 2.0 is the result of substantial research in Europe and North America. In many of the retailers we looked at, merchandising and promotional processes were fragile, time consuming, error prone and generally inconsistent with the retailer’s own aspirations.
Retail Express’s mission was to create a single system that would integrate, optimize and manage every aspect of a business’s pricing and marketing – from initial planning to final evaluation; the result is RE 2.0.
RE 2.0 has helped our customers become more sophisticated in the way they run the whole mer-chandising area of their business, and that sophistication made it much more appropriate to apply scientific techniques to capitalize on the gains they were already making. Decisions they make today are underpinned by solid forecasts, and the prices and promotions they apply are optimized for the market conditions in which they operate. Integrated thinking empowering decisions!
Gaining a deeper understanding of customer behaviour is at the core of the Retail Express demand platform, accurately evaluating the impacts of your decisions on an ongoing real-time basis.
The core system provides the operational aspects of managing, recording and delivering advertising, marketing, pricing, promotions, assortment, replenishment as well as providing forecasts for merchandising and the wider supply chain in a single unified product.
The key to our success is that the forecasting and demand modelling technology predicts the effects of different prices and promotions on specific items, and the cross effects on the category as a whole at the planning stage. RE 2.0 Forecasting takes into account all current and planned customer touch points (price, promotion, ad, display, web, flyer, etc.) at the desktop and in real time delivers a highly accurate forecast of demand.
Press contact:
Philip Grange,
VP Marketing
Retail Express
Tel: 0113 2051930
Email: pgrange@retailexpress.com
