Optimal pricing recommendations at individual SKU level for each store of a retail organization. The goal is to maximize gross margin without losing revenue at a store level, material group level, department level, etc. Users can specify the material group or store and set the desired gross margin increase. The Price Optimization Model will run the necessary statistical algorithms on the huge set of historical data to provide price recommendations keeping the overall price elasticity in mind.
Data from various data sources such as Historical Sales Summary Data, Master Data (Material, Store, Brand Master), POS Data, Promotion Data, Competitor Data, Macro-economic Data (CPI, Growth Index, etc.), etc. are used for the optimization purpose.