The competitiveness and attractiveness of Retail players are particularly based on their pricing position. This factor indeed plays a predominant role in consumer choice.
A survey conducted in 2019 by Ipsos highlighted that nearly six out of ten French people (58%) shop within a ten-euro margin, and one out of eight (14%) to within a euro.
Now more than ever, knowing how to determine the right price is essential.
With Optimix Pricing Analytics, Optimix provides Retail players with an ergonomic solution to achieve this.
Pricing Analytics: A modular suite to cover 360° business pricing issues
Developing an optimal pricing strategy involves mastering all the business issues of pricing: competitive pressure, price positioning, purchasing power, margins, etc.
To do this, a company must provide answers tailored to these issues. By doing so, it gains access to precise and consistent data relative to the latest market developments. Analyzing this data is the essential condition for designing a pricing strategy with formidable effectiveness. This also allows for establishing more reliable performance forecasts, to ensure that the defined strategy will be the most efficient.
To better meet the needs of Retail, Optimix has developed XPA (OptimiX Pricing Analytics), a complete SaaS-mode software suite that is ergonomic and modular. It consists of nine interconnected modules, each offering a specific solution to a pricing issue:
- Online competitive data capture (Web Data Collect)
- Offline competitive data capture (Scan In Store)
- Competitor product linking (Matching)
- Management of internal range consistency (Linking)
- Definition, execution, and optimization of pricing strategies (Pricing Analytics)
- Promotion management (Promotions)
- Markdown management (Markdowns)
- Provision of advanced features based on AI algorithms (Intelligence Modeling Platform), including:
∇ Sales elasticity evaluation and integration
∇ Calculation of brand type cannibalization
∇ Automated price update proposals under constraints
- Business Intelligence and reporting tool (Dashboard Design Studio)
An omnichannel and "all-in-one" software suite, adapted to every situation
Our ambition is to offer a complete and omnichannel solution. Therefore, Optimix Pricing Analytics adapts to:
- All channels: online and offline
- All pricing methodologies: per point of sale, price range, or group of points of sale, etc.
- All sectors: food, general merchandise, DIY, perfumery, pharmacy, toys, etc.
- All types of organization: centralized, decentralized, or mixed
- And all types of structures: branch network, franchise, etc.
Today, the Optimix Pricing Analytics suite is used in about twenty countries. It manages the selling price of over 5,500 stores. Clients such as Sephora, Beauty Success, Les Comptoirs de la Bio, Pharmavie, Boticinal, Auchan, Casino, Bricomarché, and Bricorama use our suite daily.
Our software already includes the market’s best practices as standard. If needed, they can be fully customized. The goal will then be to adapt to the context of the brand and the user: formulas, processing, algorithms, ergonomics, vocabulary, etc.
A quick grasp for immediate results
For our clients, the added value of Optimix Pricing Analytics is twofold. First, there is a technical added value, as the suite enables the management of large volumes of data in a flexible and ergonomic way. The suite also possesses a functional added value. Indeed, the 360° coverage, modularity, and Best Practices brought by the standard allow for a rapid time-to-market. Moreover, the dynamic workflow streamlines decision-making and operational reactivity for users who design and deploy the pricing strategy.
A brand that uses our solutions to design and optimize its pricing strategy can see an immediate ROI, as well as short-term performance gains across all its KPIs – revenue, margin, positioning index, market share. For example, a major food retail chain reported a 2.2% increase in revenue over 3 months across 45 points of sale and a 4 million euro increase in margin over 6 months across 15 points of sale. The rapid deployment of the solution and its ergonomic handling allow for these improvements to be observed in the shortest time.
Under these conditions, Optimix Pricing Analytics offers a swift weapon against competition. The software suite relies heavily on artificial intelligence and advanced features, such as elasticity or cannibalization, to maintain the competitive advantage of retailers. It impacts revenue, margins, indices, and market shares.
By thus making human intelligence and artificial intelligence work together, Optimix Pricing Analytics supports better commercial decision-making, with more accurate data and more reliable sales forecasts, ensuring immediate responsiveness and a very short-term ROI.
