PriceStrat software transforms retail pricing based on shopper behavior
CINCINNATI, OH – KSS Retail, a dunnhumby company, and global provider of price modeling, optimization, and customer insight solutions for the retail industry, today unveiled the latest version of its PriceStrat solution, which now features customer segment-based modeling and optimization.
“Retailers have historically priced items within traditional store/zone constructs based on physical location, demographics, competitive landscape, etc.,” said Yael Cosset, CEO of KSS Retail. “With the upgraded version of PriceStrat, in addition to simulating the effects of regular and promotional pricing scenarios in real time, retailers can now generate optimized prices, and model category performance, by customer segment.”
Key KSS Retail/dunnhumby clients Kroger and Tesco praise the innovation.
“Our customer first strategy is dependent on a deep understanding of our shoppers, knowing why they buy what they buy, and how to serve them better,” said Chris Hjelm, Senior Vice President and CIO of The Kroger Co. “Using the KSS Retail tool, we will now have the ability to model prices and promotions across customer segments, to make sure that we deliver a superior shopping experience.”
Added Richard Brasher, CEO of Tesco’s UK & Republic of Ireland business, “Tesco understands that customers want great service, great choice and great value. We are interested in how customer data from dunnhumby, in conjunction with pricing solutions from KSS Retail, can help deliver better value for our customers around the world.”