Background

This regional omni-channel retailer with an annual revenue of more than $400M was founded on the belief that customers are their most valuable asset. But manual processes and spreadsheets between merchandising and marketing teams were making it difficult to quickly understand how to optimize their pricing and inventory to remain competitive while continuing to serve the needs of their valuable customers.

ProfitGPT Optimization Products: Pricing AI, Competitor AI

Industry: Omni-retailer

Goals: Automate prices with a better understanding of their competitor’s pricing strategies so they could be the market leader in their region as well as online.

The Challenge

Lack of Visibility into Data

This omni-channel retailer believed that to truly serve their communities, their team needed to be well informed about activities, opportunities, and risks inside the business. But lack of access to data was preventing that from happening. The pricing process was cumbersome and relied on Excel and hours of analysis, making it difficult to provide the visibility and access needed to make the right pricing decisions in a timely manner. They needed better insights to keep prices competitive on key value items but were struggling to match or beat their competitor’s pricing.

The Solution

Automated database updates and reporting

Hypersonix set up automated insights to monitor data loads and summarize sales data. This makes updating the database easy, so that the team knows they have access to the most up to date information and actionable insights. Real-time pricing analysis and insights make it easy for them to make the right decisions to keep prices competitive while also maintaining or increasing margins. Competitor AI was set up, providing them with intelligence on their competitors’ pricing and promotions enabling more agile decisions to help maintain competitiveness.

Hypersonix Impact

Increasing Profit Through Better Analysis and Actionable Insights

Implementing pricing recommendations from Competitor and Pricing AI generated an overall annualized profit increase close to 30% or roughly $58,000 a week! The merchandising and marketing teams continue to receive regular and automated insights on sales, inventory, and competitor intelligence. These actionable insights enable their teams to make quick decisions and implement pricing, inventory, and promotions that are designed to maintain competitiveness, increase profit, and continue to serve the needs of their valued customers and community.