Retailers and service providers regularly make important decisions regarding price points, discounts, inventories, product/POP displays, etc. With modern development of IT technologies and online shopping, such decisions often must be optimized in real time in order to maintain competitive advantages. Moreover, the automation of sales strategies through a combination of analytic methods and business rules often improves timely responses to customers.
The STATISTICA Price Optimization solution was designed to provide managers of all levels with optimized recommendations on prices, demand forecasts, price elasticity functions for their stock lines, and more. Optimization can be performed on user-selected levels of aggregation: region, store, commodity, or individual SKUs. The STATISTICA Price Optimization solution is an essential part of a company’s Revenue Management system that leverages historical data to support optimal, real-time decisions.
- Real-Time or Batched Demand Forecasting: Automatically builds demand forecasts for the hierarchy of products and services.
- Customization: Configurable combinations of products or commodities, ancestor-descendent relations.
- Interactive Price Functionality: Price elasticity functions for SKUs are built interactively
- Optimization Engine: Users select their optimization strategy and maximize revenue, customer base, etc.