PriceSmart
AI-powered Impact Analytics PriceSmart™ uncovers underlying insights, the latest trends, price elasticities, competitor pricing, and more, driving the initial (or base), promotional, and markdown and clearance pricing decisions that maximize profitability.
PriceSmart Advantage
PriceSmart leverages AI to uncover underlying insights, latest trends, price elasticities, competitor pricing to drive precise pricing decisions covering initial, promotional, markdown, and clearance pricing to achieve your business objectives. A unified forecasting approach coupled with the latest optimization techniques enables you to achieve your business goals across the product life cycle. It is a one stop shop for all your pricing decisions.
Agile Forecasting
Dynamic forecasting considers latest historical transaction data and current fashion trends in consumer behavior, weather, seasons to make more accurate predictions about future sales at the desired granularity. Driven by robust ML Ops practices, models are retrained periodically to take into account the latest changes in fashion trends, macros, consumer sentiment etc.
Target based optimization across the lifecycle
Prioritize metrics based on your business context, define the targets and optimize the pricing decisions to maximize your business objectives such as revenue, units, margin $ etc. Targets can be sourced from external systems or can be entered / uploaded by users in PriceSmart.Recommendations are refreshed weekly based on the latest available data.
Workflows
PriceSmart supports complex workflows based on user roles allowing segregation of duties and auditing key decisions such as price and promotion approvals and locking before the start of the season.
Easy Integration
Seamless workflow integration with your data warehouse, marketing calendars, and other applications, enables real-time pre-season, in-season, outlet, markdown and clearance pricing recommendations.
Manage the journey across channels
For businesses that have outlets and secondary sales channels, our retail price optimization software determines the right timing for retiring older styles and moving them into secondary channels.
Personalization
Dynamic pricing strategies can be optimized by store, store cluster, channel, region, and customer segments. Cluster/group your stores as per “like locations” for personalized retail price optimization programs.
Exception based management
PriceSmart generates exceptions which is tuned to your pricing architecture and business rules such as lack of price revision for a certain duration, same price to be maintained across colors or sizes, minimum margin targets not being met, changes in input costs, promotions beyond prescribed limits, very high inventory levels etc. to drive user action based on the business cycle.
PriceSmart Modules Base Pricing, Promotions,
and Markdowns and Clearances
The three PriceSmart modules—Impact Analytics BaseSmart™, Impact Analytics PromoSmart™,
and Impact Analytics MarkSmart™—are powerful whether used in sync or individually.
BaseSmart
Dynamic Pricing Ability
PriceSmart has the ability to consider price elasticity for the product, inherit pricing behavior of similar products sold historically(own or competitor), available inventory, other business rules (same product same price, minimum margin requirements etc.) to dynamically recommend an initial price to take objective based decisions
Model Different Pricing Scenarios
Merchants or Category Leads are able to model different scenarios and finally select an optimum pricing scenario for a product / set of products based on revenue, sell through and margin targets, constraints such as minimum margin %, promotion step size, price ending rules, zone-based pricing, competitive intensity etc.
Management by Exception
Users can also enable a highly automated workflow planning through exhaustive rules definition and utilizing triggers and alerts for exception-based approvals and overrides
Multi Country – Multi Currency Pricing
Convert your base prices across different currencies in a single click by defining easy to use price rules which support price point mapping, mathematical price conversion rules and many more.
PromoSmart
Analyze Historical Promotions
PriceSmart provides an overview through high level summary metrics like % toxic promo, net incremental margin gain to understand which promotions works best.. Allows multiple views for analysis: by campaign, event, promotion, product group and even down to product
Powerful Simulations
While PriceSmartgenerates the most precise promotion recommendations based on the targets, objectives and constraints, merchants or category leads can also simulate the demand across different promotion depths and offer types.
Sync with Promotion & Marketing Calendars
Marketing team can create marketing events in the tool to which Merchants or Category Leads are able to seamlessly attach finalized promotions to marketing events. Marketing calendar is available with all pricing activity in one place allowing users to slice and dice by category, department and time periods.
MarkSmart
Tailored Markdowns
Define guardrails to set the maximum number of allowed markdowns, eligible SKUs, step size, time frame for markdown refresh etc to guide the automation
Automated Markdown Recommendations
Our automated markdown optimization software takes approver and planner emotion out of the markdown equation. We use seasonal timing and sales curves, product freshness, price elasticity, price-points/markdown breaks, and frequency of markdowns / clearances to develop an optimized markdown solution. We then give you the ability to tailor that output to fit your markdown / clearance budget with scenario planning.
Continuous Monitoring to Assess the Impact
Decision dashboard that gives users roll up views of the planned vs actual performance of the markdown decisions across any level of the product hierarchy. Reports can be configured for recurring views and can also be exported and shared across the teams.
PriceSmart implements quickly for prompt, lasting results
Learn
Analyze price elasticities for every product, at every stage of its lifecycle, tailored by region, channel, customer, and more
Build
Robust ML models deliver advanced pricing recommendations across the lifecycle (three modules: Initial pricing, Promo, Markdown)
Monitor
Ensure ML models are evolving. Platform should be delivering actionable insights, and offering dynamic pricing strategies
Deploy
Phased rollout across regions, categories, and business units. Continued support to ensure solution is adding value for your business
IA’s smart AI-powered predictive analytics benefitting retailers in
10-15%
Increase in
EBITDA
>75%
Reduction in
promotion planning time
8-12%
Reduction in wastage
(due to price based
optimal pre-season planning)
100%
Adherence to pricing compliance policies (through rules and auto integration)
See PriceSmart in action
See how our clients are achieving extraordinary Gross Margines with profitable customer-centric pricing, promotions, and markdown and clearance optimization software.
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Explore Promo Calculator
An interactive tool which helps you optimize promotion lift that you need to keep your gross margin dollars stable.
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Here's why our clients trust us
Industries that have benefited from PriceSmart
Your data and our advanced AI-powered retail pricing model create a unified pricing and promotions planning solution that’s unique to your industry.
Retail
Plan pricing and promotions across each products’ lifecycle to drive sales, margins and greater customer engagement.
Hardgoods
Ensure location-specific pricing for profitable and customer-focused pricing and promotions.
Hospitality
Dynamic pricing structure backed by advanced demand forecasts and intelligent insights.
Resources
Get in-depth information about the latest industry trends, technology and how your peers are solving the biggest promotion and markdown problems with IA’s advanced next-gen pricing and promotions planning software solution.
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Related Solutions
Benefit from our end to end solutions at the outset, or add more as you see the difference we make.
Get clarity with retail price optimization software
PriceSmart - AI-driven retail price optimization software automates your pre-season, in-season, and clearance pricing strategies for margin maximization and inventory sell-through.
Our retail pricing software framework ensures true margin estimation by providing impactful and revenue-generating pricing recommendations.
Driving ROI through
AI Powered Insights
We are led by a team with deep industry expertise . We believe in “Better decisions with AI” as the center of our products and philosophy, and leveraging this to empower your organization
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