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.
Agile Forecasting
Dynamic forecasting considers latest historical transaction data and current fashion trends in consumer behavior 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 and Rules based optimization
Prioritize metrics based on your business context, define the targets and/or business rules and optimize the pricing decisions to maximize your business objectives such as revenue, units, margin $ etc. Targets and rules can be sourced from external systems or can be entered / uploaded by users in PriceSmart.Recommendations are refreshed weekly or on-demand based on the latest available data.
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 packs or zones, 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.
Workflow Management
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.
Manage the journey across channels
For businesses that have outlets and secondary sales channels such as E-commerce, our retail price optimization software determines ideal channel-specific pricing and promotion strategies.
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 price optimization programs.
Easy Integration
Seamless workflow integration with your data warehouse, promotion and marketing calendars, and other applications. Enables real-time pricing strategies, promotion planning and clearance pricing recommendations.
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 SKUs (own or competitor), available inventory etc. and define 10+ business rules (eg: line pricing, size curve maintenance, cross-zone pricing etc.) to dynamically recommend an initial price and take objective-based decisions
Model Different Pricing Scenarios
Category leads are able to model different scenarios and select an optimum pricing scenario for a product / set of products based on revenue, volume, margin targets and constraints such as minimum margin %, promotion step size, price ending rules 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
PriceSmartprovides an overview through high level summary metrics like % toxic promos, net incremental margin gain, GMROI etc. to understand which promotions work best.. Allows multiple views for analyses: by campaign, event, promotion, product group and even down to product
Powerful Simulations
While PriceSmart generates the most precise promotion recommendations based on the targets, objectives and constraints, category leads can also simulate the demand across different promotion depths and offer types.
Sync with Marketing Calendar—
Marketing team can create and/or sync marketing events in the tool to which category leads are able to seamlessly attach finalized promotions. 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 Clearances
Define guardrails to set the maximum number of allowed clearances, eligible SKUs, step size, time frame for markdown refresh etc to guide the automation
Automated Clearance Recommendations
Our automated clearance optimization software takes category owners and planner emotion out of the clearance equation. We use freshness & product shelf lives, promo elasticity, price-points/clearance breaks, sales velocity, inventory levels and frequency of clearances etc. to develop an optimized clearance solution. We then give you the ability to tailor that output to fit your 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 clearance 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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