Custom Pricing Engine
RMS has leveraged its patented science to develop a customized, web-based pricing console that allows users to create and manage item, or family pricing at the zone or store level. Flexibility, speed and interactivity are important when working on pricing, and the RMS interface provides a grid view that shows all key metrics for real time price planning.
Metrics are customized to the needs of each client and may include:
- Price change history
- Cost history
- Promotional history
- Gross margin
- Basket penetration
- Regular sales units
- Promotional sales units
- Price elasticity at store, cluster and chain
- Item level cross effects / cannibalization / trading relationships / substitutions
- Competitive price index by store/zone/chain
RMS advanced pricing analytics provides visibility to global, cluster and store level basket analysis to evaluate purchase behavior at both the category and transaction level. The system also provides visibility to overall and zone level margin impact based on a constant average assortment over time. The console supports automation of business processes by zone based on objectives, with the ability to enforce specific price change rules and thresholds. These include the ability to perform automatic changes taking into account criteria such as the sensitivity of the product or category, and differing pricing strategies by store or zone. Margin impact and indices are monitored via the early warning system when certain recommendations of price increases violate predefined rules.