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 the latest transaction data and current trends—consumer behavior, weather, seasons, product age, and more—to make extremely accurate sales predictions at the desired granularity. More than 1 million machine learning models are continually retrained.
Target-Based Lifecycle Optimization
Prioritize the metrics and define your targets based on your business objectives: To boost revenue, units, margin, sell-through, etc. Source targets from external systems or enter/upload them manually. PriceSmart regularly refreshes its recommendations based on the latest available data.
Exception-Based Management
Exceptions are tuned to your pricing architecture and business rules—e.g., no price revision for x duration; pricing maintained across packs, colors, or sizes; minimum margins not met; changes in input costs; promotions beyond prescribed limits; inventory levels too high—to drive user action.
Workflow Management
Set up complex, user roles-based workflows that enable you to segregate duties and audit key, individual decisions, such as pricing and promotion approvals and whether to lock in pricing before execution.
Easy Integration
The software’s workflows seamlessly integrate with applications such as marketing calendars and data warehouses, enabling you to create real-time pricing recommendations and strategies such as pre-season, in-season, outlet, and markdown (Apparel) and base pricing, promotion, and clearance (Grocers).
Cross-Channel Journey Management
Does your business model include outlets or other end-of-life sales channels? Impact Analytics PriceSmart determines the ideal time and cadence for retiring or delisting older SKUs and styles, then moving them into the appropriate next phase of the product’s lifecycle.
Personalized Pricing
Optimize dynamic pricing strategies by store, store cluster, channel, region, customer segment, and more. PriceSmart supports clustering or grouping relevant stores as “like locations,” enabling you to create personalized retail price optimization programs.
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—
BaseSmart dynamically recommends initial pricing by considering a range of criteria including:
- The product’s price elasticity
- The historical pricing and sales behavior of similar styles—yours or your competitors
- The available inventory
- Other business rules such as same style same price and minimum margin requirements for Apparel retailers and size curves, cross-zone pricing, and brand tiering for Grocers.
Pricing-Scenario Models—
BaseSmart enables you to model various pricing scenarios to arrive at the optimal one for a product (or set of products) based on criteria and constraints including:
- Revenues
- Sell-through and margin targets
- Minimum margin percentage
- Promotion step size
- Price-ending rules
Multicountry / Multicurrency Pricing—
Convert your base prices across different currencies with a single click, quickly defining easy-to-use price rules that support price-point mapping, mathematical price conversion rules, and much more.
PromoSmart
Historical Analysis—
PromoSmart shows you which promotions are most effective by providing high-level summary metrics such as toxic promo percentage and net incremental margin gain. Choose the analysis view that best suits your purpose: By campaign, event, promotion, product group—and even down to the product level.
Pricing-Scenario Models—Powerful Simulations—
While PromoSmart generates the most precise promotion recommendations based on the selected targets, objectives, and constraints, you are also able to simulate demand across different promotion depths and offer types.
Sync with Marketing Calendar—
PromoSmart enables you to seamlessly attach finalized promotions to events created by the Marketing team. The Marketing calendar is then available with all pricing activity in one place, enabling users to slice and dice by category, department, and time periods.
MarkSmart
Tailored Markdowns—
Guide the automation by defining guardrails such as setting:
- The maximum number of allowed markdowns and clearances
- Eligible SKUs
- Step size
- Timeframe for refresh
Automated Markdown Recommendations—
MarkSmart takes emotion out of the markdown process, developing the optimal solution from predictive and objective criteria—and then enabling you to tailor that output to fit your markdown budget using scenario planning. The MarkSmart criteria include:
- Seasonal timing
- Inventory levels
- Sales velocity
- Sales curves
- Price elasticity
- Price-points breaks
- Markdowns frequency
Continual Monitoring—
The MarkSmart decision dashboard provides rollup views of planned vs. actual markdown performance across all product hierarchy levels, enabling you to assess their impact. Configure reports to offer recurring views; you can also export and share reports across 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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